The ability of EU and/or Black Sea origins to price the value of wheat in world trade makes U.S. prices much less relevant to global wheat markets than they once were.We have always been fond of wheat, and much of our merchandizing career in the grain business involved wheat exports. In our early years, wheat dominated the world grain trade and the U.S. dominated world wheat trade. This was due in no small part to the PL 480 program first passed in 1954 under which recipient countries could buy and pay for certain U.S. agricultural commodities with their own currencies or under concessional credit terms. Wheat was by far the largest commodity exported under this program. No doubt, our fondness for it originated with the outsized importance...