Based on my end of the month calculation using 2020-2021 marketing year averages for the cmdty National Price Indexes for SRW, HRS, and HRW, domestic wheat stocks-to-use at the end of February continued to decrease. The combined cash price index came in at $5.01, a price that correlates to an all wheat stocks-to-use of 41.5%. The end of January saw the cash index at $4.90, correlating to a stocks-to-use calculation of 42.7%. With one quarter left in the 2020-2021 marketing year, US wheat remains o pace to have the tightest ending stocks-to-use (es/u) situation since the 2014-2015 marketing year had an average cash price of $5.48 implying es/u of 37.3%. Keep in mind the 2021-2022 forward curves for Kansas City (HRW), Chicago (SRW), and Minneapolis (HRS) all remain bullish meaning the bullish stocks-to-use situation isn’t expected to change any time soon.