The wheat and Rice market

 The wheat market has posted the best gains on trepidation a necessity to preserve supplies for national needs will restrict exports in several key producing countries, Ukraine and Russia in particular.We've seen increasing talk that in the wake of this coronavirus many nations might begin to replicate supplies of agricultural commodities and in turn fuel that a food scare similar to what has been seen at the 2007-2008 period when food riots happened in a number of countries.Remember that wheat and rice are the two main consumed foods but the USDA's Foreign Agricultural Service latest Grain: World Markets and Trade book prices have rallied for both though international supplies are at record levels and the share of stocks to ingestion is historically large. Global wheat production is projected at a record high 764.5 million metric tons in 2019/20.Major producers like China, the European Union, India, Russia, and the USA have produced at rates which are greater than sufficient to meet increasing global demand.Furthermore, wheat harvests in important producing nations in the Northern Hemisphere are only a couple of months away. Wheat ending stocks are also estimated in a record 292.8 million with China holding about half of stocks.As for rice, while production levels are down year-over-year at 496 million metric tons, a bumper 2019/20 global rice crop is still expected and even with lesser production, overall supplies are upwards from the previous year due to record carryin stocks with 2019/20 stocks at a listing 181.6 million metric tons.The attached graphic shows the world wheat and rice stocks-to-use ratios with and without China and while world wheat less China wheat stocks-to-use ratio is the tightest because the 2012/13 season, we aren't anywhere near the very low levels for both worldwide rice and wheat which was found from the mid 2000's.

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