Last week, Financial Times writer Emiko Terazono reported that, “The wheat market is feeling the heat, with key global producers sweating over a drought that has curbed output. After several years of bumper harvests, the wheat market is poised to tighten sharply as Russia, Australia and EU countries contend with scorching temperatures. “In Australia, the state of New South Wales has announced a A$500m aid package for struggling farmers, while Germany’s farming association has called for €1bn in financial assistance from federal and state authorities.The FT article noted, “Europe’s wheat production is forecast to fall below 130m tonnes for the first time in six years, according to Strategie Grains, while the German harvest has been downgraded to about 20m tonnes, the lowest since 2003. The consultancy sees further downgrades in the near future.”