Wheat exports from Russia may dominate in 2017/18 while U.S. market little changed.

USDA’s November WASDE report shows lower forecast U.S. wheat ending stocks due to increased exports. However, recent sales to Iraq account for the entire increase. The 680,000 metric ton decline in U.S. ending stocks account for most of the global decline of 600,000 metric tons. Without the decline in U.S. stocks, global stocks would have been flat to higher.