USDA Confirms Too Much Wheat

The wheat ending stocks are projected to be at 991 million bushels, according to the latest USDA figures, down a little from May, but irrelevant because of the enormous supply.

Even with the news out of Canada that wheat production is lower because of less acreage planted than originally thought, it's not going to do much to move prices at all.

And there is so much wheat the wet weather keeping farmers from planting their fields won't do anything either.

I talked about this last year, and it continues to puzzle me why farmers don't move out of their wheat planting and into a more profitable crop.

Add to this the increasing number of wheat farmers and production around the world and there is little reason to pursue wheat at this time.