Nothing particularly new or unknown in that article, apart from the wild assumptions that wheat usage has dropped massively, I have seen no basis for this claim anywhere else, they say wheat has stopped in ethanol production but that was mainly maize, they say animals are no longer being fed because they can't be killed, that is a wild jump.https://www.bloomberg.com/news/arti...its-and-hoarding-the-world-has-too-much-wheat
Not sure how accurate this is, hopefully it's not!
As for the 5 months of stocks 40% of that is China, 20% is in India and none of that is available, another nearly 15% in Russian influenced countries and it was a ban on exports of this that had traders worried. The supply and demand are reasonably evenly matched on the wheat side and if you make a wild assumption and predict 0.5% reduction in global wheat crop yields because of weather events in Europe there will be deficit of wheat this year. I am not predicting the above just using their wild assumptions and mad predictions to show the opposite result.
Maize and course grains, (Feed Barley) look way more depressing.