U.S. Wheat Ending Stocks

Wheat stocks have inched upward a little bit from the lows that we saw in Jan, Feb, and March up to 872 mb. We’re not running out of wheat but it’s certainly smaller than we’ve seen over the past 5 years and next year’s beginning stocks estimated to be below 800 mb. We are sitting with relatively tight stocks but nowhere near as tight as corn and beans. Bottom line, old crop stocks of corn and beans are extremely tight and new crop stocks of corn, beans, and wheat could very well be tight unless we can produce trendline or better yields.