Western Europe's wheat crop  and the U.S. hard red winter wheat crop both have major quality issues, and it now appears that the North American spring wheat crop could as well. The world might have plenty of feed wheat, but milling quality may be a different matter.Farmers across the U.S. northern Plains have had their fill of rain over the past two weeks. The barley, winter wheat and spring wheat crops are ready to be harvested, and moderate to heavy rains are starting to cause some significant problems. We are seeing and hearing the following so far:

Vomitoxin (DON) is present in the barley, winter wheat and spring wheat crops. Some elevators have told their clients they will reject any wheat that has levels exceeding 3 ppm. The...