U.S. wheat prices are trading at five-year lows, and contract lows have been a frequent event in the markets. What is going on?
The simple answer is that there is too much wheat around the world. Algeria, typically a buyer of wheat from France, bought a batch for several dollars per metric ton less than the U.S. could supply it. Egypt bought wheat from Russia in a deal in which international exporters didn't even offer U.S. wheat because, I suspect
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