Topic: World wide wheat surplus?

[patentlymn]

I have no idea if this guy knows anything.He says China has cancelled lots of orders and record crop yields word wide.
https://youtu.be/ZtSXC6mdchM
China wrecks wheat markets in US, Europe, and Australia. Should American farmers sell off land?

62,102 views  Mar 15, 2024
US farmland prices are at record highs.  But profitability of American and European farms is collapsing, especially compared to farms in the developing world.  China, the world's largest buyer, hopes to do more of their food and energy trades outside the US dollar, which is also disrupting grain markets.

Over the past ten days, China canceled large outstanding wheat orders in the United States, France, and Australia.  Over 1.5 million tons of wheat were dumped back into the markets.  These cancelations represent the largest on record, going back 25 years.  More order cancelations and postponements are on the way.

Wheat is down 14% year to date, and speculators are heavily short and expecting even further price drops.  Record harvests are being realized across the entire world, across all major calorie sources except for rice.

Sources and hyperlinks for reference data:
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[Libertas]

LOL, there is likely a fee for cancelling not being quantified...and throwing the "except rice" at the end is hilarious...rice is what Asians eat the most of...  I have not heard of bumper crops, but there is areas on the that cannot grow much of anything that have to buy...and as we all know stuff like government subsidies skew the "market"...so not saying there are not any surpluses, but I am not seeing any alarms in the commodities futures at all yet...