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| Do Australians and Argentines grow as high protein as Canadian and Russian spring wheat is? If not, their supply is no better than Kansas wheat. We know Canada was short this year, takes some bucks to get Russian wheat where it needs to be too.
HRS might be being influenced by oat board. I short oats and long (more) MW as of yesterday.
Substituting low pro is going to pressure lower. I suspect, by the loaf of bread I opened Saturday, that millers and bakers are switching in lower protein wheat already. This loaf is much flakier and doesn’t hold together for a sandwich too good, compared to the same packaged product I’ve enjoyed the last few years.
I’m staying long MW but I’m short KW and oats. | |
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Spring wheat
