Long WHEAT - return to the most accepted price WHEAT FUTURES - ECBT CBOT:ZW1! kirill_EN In short-term I think wheat0.00%% is ready to return to balance price. Positive factors: + soaring global ethanol demand; + prospects of lower crop inputs in the face of falling profitability; + strong recovery in global feed demand (USDA hiked by nearly 11m tonnes to 144.4m tonnes its forecast for world feed use of wheat0.00%% in 2016-17. That's the second highest figure in record); + increased investor interest on return to multi-year lows; + price dynamics (I believe wheat0.00%% is still in balance and expect it to return to the most accepted price of 475); Negative factors: - inventory forecast at a record high (253.7 tonnes); - strong dollar; - strong El Niño episode may point to a 2016 winter wheat0.00%% yield above trend, possibly well-above, and a two-thirds chance of the average spring wheat0.00%% yield to be modestly above trend;