GOOD NEWS FOR EGYPT? “Simply put, the world has too much wheat,” Bloomberg’s Jeff Wilson writes. “Like many commodities, wheat is a victim of a long-gone boom. Those high prices seen several years ago helped to open up a lot of land to production,” Jim Banachowski, a VP at grain merchandiser The Andersons Inc says. Talking about US wheat, Chuck Elsea, senior VP at grain supplier The Scoular Co says “the oversupply issue will last until there is a weather event somewhere in the world to reduce supply. We are the residual wheat supplier to the world markets.” Wilson notes that Russia is set to retain its title as the world’s largest wheat exporter for the second year in a row; “the success of Russian grain in the latest tender held by Egypt, the world’s largest buyer, shows how the country’s grain continues to be competitive on international markets.”