Looking at today's futures wheat will help plug the perceived supply gap left by soy and corn. The interesting question is what is the motivation to move wheat to an export position if it can be used as feed in a location closer to where it's stored? It would be determined by what importers are willing to pay and the margins taken by exporters which, in my region, has been huge compared to the average year.
The dynamics for marketing from here on out are more unusual than 07-08 IMO.
discounts have to large enough to get the feed quality wheat down to or Below the local price of corn for wheat to be seriously considered as a feed product..
Until it's down to the afore levels...it's just not worth fooling with.
