Based on my end of May calculation using 2020-2021 marketing year daily averages for the cmdty National Price Indexes for SRW, HRS, and HRW, domestic wheat ending stocks-to-use came in at 39.1%. This was based on the final combined index average price calculation for the 2020-2021 marketing year of $5.27. As the chart shows, it’s the tightest US all wheat supply and demand situation since 2014-2014 with an average price of $5.48 and stocks-to-use of 37.3%. Last year at this time the final average cash index price for 2019-2020 was $4.47 correlating to an ending stocks-to-use of 47.3%. By the time we get to the end of June we will see newly harvested supplies of both HRW (the largest class of wheat grown in the US) and SRW (the third largest of the three major types), setting the stage for the new marketing year. Heading into Q1 of the 2021-2022 marketing year winter crops look good, though acres continue to decrease. On the other hand, the drought situation across the US Northern Plains continues to lower early production estimates.