Market Perspective

Wheat markets, especially the futures markets, have remained under pressure the last few weeks. Increasing world supplies, a record upcoming corn harvest and a stronger U.S. dollar have encouraged speculative funds to increase their short positions in the Chicago wheat futures to nearly 400 million bushels. World wheat prices have also been pressured by aggressive pricing out of the Black Sea, as the unrest between the Ukraine and Russia has weakened both of their currencies, making their exports even cheaper, relative to the U.S. dollar. World wheat carryovers for next year are now pegged at...