This report examines the changes in wheat exports over the period 1973-85. A three-country trade model is introduced as a framework for analyzing the impact on world wheat trade, U.S. wheat trade, and market price when changes in two real effective exchange rates occur: namely, an exchange rate based on U.S. trade with whgAt importers and an exchange rate based on global trade of wheat competitors. il Evidence suggests that the cumulative effect of a 1-percent depreciation (appreciation) in the value of the dollar is to expand (contract) U.S. wheat exports in the range of 1.9 to 3.0 percent.