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New Mexico | print extra dough to purchase perhaps 1 to 2 B bu of wheat " at the market "over the next couple three years.
It's a Rich govt ( lots of oil money ) now ( much different than the sick situation there in the late 60's ie 70's ).
The interesting thing to watch will be how Long the drouth deal lasts there.
Keep in mind, they're likely planting in dry dirt this fall... a rather negative factor for the 011 crop too.
Likely they'll buy from a centralized purchase process " hand to mouth, at the market," AND keep in mind the AU harvest for Oct/Nov buys etc.
They will be buying TWICE as much physical volume as the market expects.
Reasoning is, purchase of reserves to also balance the 011 crop shortfall.
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Reality Points
