U.S. wheat fundamentals have been improving quickly over the past several months, although this wouldn’t be apparent by looking at prices. Some of the key changes in the wheat market involve the outlook for crops in key wheat-producing countries. Russia’s wheat crop will be at least 20 MMT (74 million bushels) below last year’s record because of weather problems. Some analysts are talking about an even greater reduction based on disappointing early harvest yield reports. They are now questioning quality because of heavy rains on a mature crop. Russia’s ability to export a large volume of cheap wheat will not exist this year. The EU’s wheat crop has also been getting smaller because of a hot, dry growing seaso...