Back on 4 February we ran an analysis of what the potential 2013/14 U.S. wheat situation might look like. The table below is from that report.A fair amount of water has gone under the proverbial bridge since then, so we have decided to revisit the subject and talk about things that have or haven't changed since then.Here are some things that haven't changed:

Much of the hard red winter wheat region is still in the midst of a very significant drought. This week's first national crop condition ratings released last Monday showed the crop ratings for this date are among the worst ever. We expect they will slip more in next Monday's report. In addition to the drought, very cold temperatures in the last two weeks did cause some additiona...