The Short Funds are starting the cascade by saying we are not exporting wheat because we are not competitive..

When:

a) We haven't been exporting as much wheat because the Variable Rate Storage mechanism in wheat makes it MORE PROFITABLE for commercials to HOLD Wheat for the Carry vs Selling it downstream to the export market,

b) Hence which has blown out the spread from the Interior to the Gulf.. which then does fit the "too expensive meme.."

c) while we IMPORT... the last WASDE was I believe around 145 million bushels.. OF WHICH when you go to the link and look.. like a fourth of it is "Flour" or "Wheat Products."

??? 

Seriously.. HOW can you COUNT Imported "Flour" and "Wheat Products" as "Imported Wheat?

To the TUNE of 40 million so called "bushels?"

REALLY?!?

This is NOT going to show up on the Stocks inventory.. do the big shorts KNOW THIS?!?

and how is it being done ANYWAY???

explanation:  Go to the link above.. you will see that about 37 million "bushels" of "Wheat imports" are "FLOUR" and "Wheat Products."  HOW in the WORLD does that get called "Wheat Imports" on the US Wheat Balance Sheet???

It's not by the way..

Then look at the LOWEST HRW WHEAT plantings in YEARS..
The first time ANY significant HRW Wheat was Prevented Planted.. and we still don't know yet how much of "intentions" didn't get in.. 500 k, 700 k or more..??

Now factor in the flooding up north.. and how much of SPRING wheat is NOT gonna get in..??

Yes there is leftover wheat sitting in terminals TRYING to "earn the carry" but other than that.. this thing is a powder keg ready to pop.. Short funds to the tune of...???  Alot.

Rant over..

Wheat FLOUR imports.. as US Wheat Carryover.. GIVE me a break!!

My neighbor has a 40 acre MUDHOLE.. there's a couple fields that are ALMOST more Mudholes than Planted wheat..?!?

How are we not making NEW HIGHS?!?

especially given that the funds are MASSIVE SHORTS.. to the tune.. the last time I heard someone say was..

the Committment of Traders Report says 162,095 contracts.. or 810 million bushels of Wheat are Sold Short by the funds..