The Times - Serving Waitsburg, Dayton and the Touchet Valley

Just like trying to put a vehicle in gear and drive with the parking brake on, the wheat market is laboring way too hard in its attempt to clear a near-term objective to the upside. It is clear that the supply/demand for US wheat shows the tightest balance in the last five years, but that is not the factor it once was.

Production of wheat outside of the US has increased steadily over the last decade, reducing the price impact of our "local" all-wheat production on global markets. That fact, along with a better-than-expected corn production year, is the parking brake.

U.S. wheat is expensive...