Milling Wheat  World wheat prices continue to rally after USDA surprised the market with smaller-than-expected U.S. 2020/21 ending stocks last week. At the same time, production issues in Russia and parts of the Black Sea are tightening global supplies further. International demand, however, has not retreated and exporters have been able to defend asking prices and increase offers. The U.S. Gulf is leading the world market higher as U.S. supplies fall to seven-year lows and European markets have followed amid the region’s shortfall of milling-grade wheat. 

China is aggressively booking Australian wheat despite recent trade tensions as global cuts to wheat production cause supply concerns for the Middle Kingdom. At the sa...