Global wheat ending stocks have been on a steady decline since 2017/18. Global corn ending stocks have also declined and nothing compares to the relatively small carryover for soybeans. Wheat carryover is skewed by the fact it is a food grain, and governments like China have stockpiled the grain. The global stocks to use ratio for wheat remains above 30 percent. Still, it begs wheat importing countries to look at the major suppliers in order to understand their own relative food security.  Russia is the big kahuna supplying the world wheat market; fulfilling a quarter of all wheat exports last year. Its rapid expansion inherently boosts its volatility rating, but it has also had its ups and downs. Its wheat exports spiked in 2017/18,...

TAGS – Wheat, North America