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Obviously we do my basis is -$1.80
The 3/11 report says we have more reserves than even USDA previously thought we had. With today's number, we now have enough wheat for 40-45% of our annual usage already in the bin and ready for 2009/2010 before we start the combines. Granted the wheat may not be the right type(durum or HRW), but the USA does have wheat. Now the only thing to do is sit back and wait to see if these carryover numbers play out the way the USDA estimates. Should have contracted more wheat last fall than I did at $7+/bu.