By Eric Rama, Blaine Nelson and Tom Karmel
Over the past 40 years, U.S. dominance in wheat export markets has diminished as surging demand for corn and soybeans incentivized a shift in planted acreage. However, the once gloomy outlook for U.S. wheat producers has brightened for the time being. Drought conditions in Australia, Europe, and the Black Sea region have led to a rally in global wheat prices in 2018. U.S. growers stand to benefit in the short term, but the droughts are likely temporary and it is doubtful these bullish market conditions will persist over the long term.
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