Obviously, there are many factors to consider when putting together a supply, demand and ending stocks analysis for wheat, corn and soybeans. Supply and demand estimates require what we might call sub-estimates of demand for food use, crush, ethanol and biodiesel production, poultry and livestock feeding, and the like. Yet, the demand factor that always seems to capture the most attention and certainly the most publicity is exports. This is true even though the volumes consumed by the other domestic demand categories can be much greater than the volume of exports. This focus on exports is a common thread among grain and soy markets and those who try to analyze them.One reason for the market's concentration on exports may be that sales and...