With the USDA report,the wheat market received confirmation “that, despite the fact of losses overseas, world stocks actually increased by three million tons,” said Basting. “United States ending stocks are still over 900 million bushels. We’re not running out of wheat, at the moment. The market will now closely follow what the crop size is in Western Australia and Argentina. But I think the wheat market isn’t nearly as tight as it was three years ago.”

Roggensack agreed that “we don’t have a wheat supply issue in the world or United States. The revision higher in world ending stocks was certainly a surprise considering what’s happened in the Black Sea region.”