International wheat markets have been looking oversold for a while, and last week finally saw a price reversal. While the World Agricultural Supply and Demand Estimates (WASDE) report wasn’t the catalyst, it did give some clues as to the drivers of turnaround. The headline numbers for wheat in the WASDE were relatively benign. The United States Department of Agriculture (USDA) forecast world wheat production to be up 2mmt, with 1mmt of this coming from an increase in Australian production.