But this year, wheat is intriguingly cheap. We are not doing anything with it (yet) but this is an area where opportunity may arise.
From Reuters via Reuters Zawya (UAE):
Corn extends losses, soybeans fall for third straight session
U.S. wheat futures fell to a near two-month low on Thursday, weighed down by plentiful global stockpiles as coronavirus-induced lockdowns led to lower demand for the grain.....MUCH MORE
Corn edged lower, extending losses into a second session, while soybeans fell for a third straight day.
The most-active wheat futures on the Chicago Board of Trade Wv1 were 0.9% lower at $4.97-1/4 a bushel by 1136 GMT, near the session low of $4.97 a bushel - the lowest since March 18. Wheat closed down 2.5% on Wednesday."The market still seems to be reacting to the USDA's re-framing of the global wheat market's season 2020 outlook to a worse position," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
The U.S. Department of Agriculture projected that global wheat stocks at the end of the 2020/21 marketing year would rise to a record 310.12 million tonnes, up from 295.12 million at the end of 2019/20.
September wheat futures on Paris-based Euronext fell 0.1% to 183.75 euros a tonne....
Combining the topic of the post immediately below with this one results in April 30's "Sunspots and Agricultural Production (William Herschel does a driveby)".
See also "USDA: "World Agricultural Supply and Demand Estimates" May 12, 2020 (WASDE)"
After dipping to 496'6, Chicago wheat—not the good stuff, that's Minneapolis-traded pasta wheat—is back to UNCH at 501'6.