"futures are about a DOLLAR lower than earlier highs when the outlook was for higher stocks."



   If you mean the highs in KC wheat in july, the expectation was for lower ending stocks than what the usda is projecting from the December report, but since August, they have increased ending stocks  to the tune of 74 million bushels and unless  we meet USDA projections for HRWW exports, ending stocks will continue to grow. The US is the residual supplier of wheat in the world market, and Russia is the price setter, not saying we wont pick up exports but, unless we pick up substantially, to USDA estimates, the reduction in acres will have less market impact, unless the Black sea region as crop problems going forward.