The U.S. Department of Agriculture’s latest Supply & Demand Report confirmed a trend toward more corn—but at the expense of wheat and soybeans. According to the report, 2007-2008 U.S. wheat production and ending stocks were both reduced. Globally, crop losses in Europe and Russia and drought in Australia have cut into available supplies. World wheat 2007-2008 ending stocks will be the lowest since 1979-1980. That leaves the United States as the primary global source for high-quality milling ...

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