Indonesia may not need to import wheat or corn this year for animal feed due to a strong local harvest. As the number two global importer this introduces oversupply risks. The direct impact on U.S. farmers should be minimal – Indonesia only took 4% of exports in the past year to November, around a third the level of Mexico and Japan. It did contribute significantly to the 24% growth in total U.S. wheat exports in the three months to November 30 on a year earlier. The bigger risk, however, is that U.S. grains exports become a target for trade retaliation under the new administration.