AgResource Analysis of the July WASDE Report
The wheat outlook into late winter is straightforward and bullish. The need for US acreage expansion is noted. A fourth consecutive year of exporter stocks/use tightening lends further support. WASDE reduced major exporter production in 21/22 by 2.7 MMTs to 409 MMTs. Total world wheat trade was raised another 770,000 MTs to a new record…