Wheat was a disappointing item today like it has been for the last month.
Despite Russia’s war against Ukraine, world buyers have been trying to find excess supplies and buying wheat from India, Australia, and France.
The US has not picked up much additional business and it does look like we are going to fall short of the USDA target.
Over time as the world exhausts supplies in some of those other countries mentioned, we believe that the world will be coming to the US for additional wheat and that next year’s exports will be much bigger than this year’s exports.
Keep in mind that this crop year will end on May 31st, so we are only 6-7 weeks away from the marketing year.