It seems to be a double whammy on the wheat side. Lower planting this year combined with drought suppressing these smaller crops. Wheat down 35%, Corn down 6% but Soy beans looks to be up due to lesser reliance on fertilizer.

Real question is how will next years crop handle the supply constrains due to the Straight (outta) Hormuz lock down.

USDA Projects Smallest US Wheat Harvest Since 1972 Due to Plains Drought - https://www.agweb.com/news/usda-projects-smallest-us-wheat-h...

Wheat Acreage Continues Decline as Producers Find More Lucrative Crops - https://www.proag.com/news/wheat-acreage-continues-decline-a...