The World Has Too Much Wheat
- Ample global supply has reduced fears of wheat shortages
- Bigger production will increase global stockpiles to a record
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Despite scenes of panic buying at grocery stores and worries about key suppliers’ restrictions on wheat exports in recent months, the world is swimming in grain.
Although major shippers from Russia to Romania moved to limit exports to protect domestic supplies amid the health crisis -- with some measures still in place -- there hasn’t been a major impact on trade and supplies should keep rising. With large harvests looming in many nations, global wheat stockpiles are expected to hit a record this year and climb even higher in 2021.