Wheat Market Outlook - April 6, 2021

The USDA report implies a further decline in US stocks next year, and while wheat does not have the same dynamics as corn and soybeans with respect to needing to buy acres, prices do need to stay higher to avoid using too much in feed rations. There also is a lack of moisture prior to seeding in the US Plains and in Canada, plus the lower HRS plantings number content that Minneapolis futures are undervalued at close to level money with CBOT.