Did you not comprehend what I wrote?

Yes I get your slant.. you are comparing the August WASDE estimate to the Latest November estimate.

You assert that the WASDE is Wrong.. ??? (as the trend of ending stocks are growing.. thus it should continue..??)  I guess..?? In that the adjustments thus far have added 32 myn bushels to carry out..  Does this mean the trend continues??

SO Now the Decrease in Carryout is "only" 155 myn bushels vs 187 myn in August.. This is bearish..??

so NO I do not comprehend how you assume that an ADDITIONAL Loss of 800 k acres (your number) or 1.5 myn acres (my number) does not matter.. Given that

800 k x 40 = 32 myn
or
1,500 x 40 = 60 myn

When the Year to Year is ALREADY 155 myn lower.. ?!?

Furthermore, we have not had the December 1st stocks report.. thus we do not KNOW what the estimated REAL stocks numbers are... (if we ever really do?)

The Export Sales numbers are increasing... and higher than the Shipments numbers.. which means we are ADDING to the Export Sales book.. which again is seasonal as exports start to ramp up.

Argentina is receiving Rains during Harvest.. they are an export competitor..

Europe and the Black Sea Region have little snow cover going into winter.. they are an export competitor..

Given these Facts.. I consider the wheat outlook more favorably than apparently you do.

I suspect that we are hitting bumpy air as we enter the December Delivery period.. on the Central Kansas Processors report today..  9 out of 10 terminal bids increased their basis from $0.02 to as much as $0.10 as we start to roll.

Furthermore, the Wheat conditions report does not report a crop which has not emerged.. Given that over a 5th of the intended to be planted crop has yet to even emerge.. HOW can we give much credence to the "conditions" report.. for instance.. was there any damage to the seedlings from this week's EXTREMELY COLD weather?

???

So regardless if which slant.. a person goes with.. there is much yet to be determined going forward.