Corn and soybeans have been the primary focus of the markets since last summer's U.S. Corn Belt drought. That drought didn't have much impact on U.S. wheat yields. In fact, 2012 spring wheat yields were not affected by the drought at all. As the table below shows, 2012 tied the record wheat yield. The Northern Plains generally had very good crops because of a very good subsoil moisture profile. Nevertheless, wheat ending supplies slipped lower for the third consecutive year, primarily because of the strong pace of wheat feeding. Many analysts have paid little attention to wheat supply and demand numbers for either the U.S. or the world. In fact, we are already starting to see estimates of a very large 2013 world wheat crop. That's a subje...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, North America