Early conversations with wheat producers show a growing level of concern. S. Hemisphere weather is the issue with La Nina talked about from all S. American countries. Australia is looking at a 40-50% reduction in total production out of the west. This adds to the growing concern worldwide high protein wheat consumers. Japan is the biggest factor here for wheat imports. The only bright spot is India which is looking to reenter the local export market for the first time in years.
More to come later today…
