Friday Footnotes: What Another War Could Mean for Grains

March 6, 2026

I had originally planned on focusing on the wheat balance sheet blind spots for this week’s column. However, with all that has unfolded over the past several days and due to a shortage of time, I thought it would be better to take a candid look at what has changed in my eyes, and what I think it means going forward.

Before I begin, I want to be clear, talking about war as though it’s a fundamental market input will never be normal to me, and it remains my least favorite part of this job.