Global wheat market outlook

As the trade focus in the corn and soybean markets increasingly shifts to South America, wheat futures have again become more of a price maker than a price taker in the global grain markets.

Many places around the world are currently either in the process of or are wrapping up planting of their winter wheat crop. Countries that fall under this description include the U.S., Russia, Canada, China, Ukraine, as well as European Union members France, Germany, Poland and Spain, among others.

Starting in the Western Hemisphere, wheat planting pace in the U.S. has advanced mostly normally but is seen slightly behind the five-year average at 80% complete last week.

Rainfall is desperately needed, however, as soil moisture readings are well below both average and last year....