As wheat heads below $5/bushel, it's worth noting that the US, the world's largest exporter, has planted the fewest acres since 1913. And the decline has been pretty rapid. At current prices, farmers continue to switch to corn and soybeans.
Right now the strengthening dollar continues to pressure wheat prices as the US inventories grow with the failure to export at current prices. For the next few days, weeks, or maybe months that will be the main story on the wheat market. Someday the small acreage will combine with bad weather to produce a huge bull market....but not yet.
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