If smaller U.S. supplies and a smaller carryout cannot stop the long-term U.S. wheat markets’ bearishness, it is fair to ask what can. Some potentially important signs of change are actually beginning to show.We have occasionally noted that wheat futures markets seem to have no friends. It seems like Chicago SRW and KC HRW futures markets set new low prices nearly every day. Even the MGEX spring wheat futures market, which rallied so stoutly earlier this summer when it appeared that severe drought in the Dakotas and eastern Montana would cut sharply into production prospects for the 2017 U.S. crop, seems to have lost its way recently. This has occurred as the influence of the chronically bearish winter wheat markets seems to outweigh whatev...

TAGS – Wheat, Australia, North America