It was a week for much lower US wheat prices with prices dropping by USD 10 to 16 m/t depending on the wheat type and the specifications. Trade reports say that the lower prices for wheat were related mainly to the new wheat quota set by Russia for February to June. As was noted by the trade, wheat prices will still be long-term bullish, but Russia’s action may just create a little short term over supply and weaker prices. Of course, we may just see wheat prices rally right back up come Monday......please click PDF to see more details