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Contrary to the perceptions of many market watchers, wheat export sales from all major suppliers are not lagging last years' pace. This perception may be based on the dearth of massive buyers such as the former Soviet Union and China, which historically would come into the market buying vast quantities from multiple origins for extended delivery periods. This year, the wheat market has been much more orderly in the absence of large unpredictable demand and the threat of sudden price surges. Importers are contracting only what is needed when it is needed as the global grain industry shifts to accomodate privitization, and less subsidized prices.
For more information on this topic, see the article in the Policies and Programs section of this circular.
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