This report examines three forces that could expand U.S. wheat exports: (1) a lower wheat price support; (2) liberalization of wheat trade by the European Community, Japan, and the United States; and (3) devaluation of the U.S. dollar. Results suggest that lowering U.S. loan rates by 25 percent could enable U.S. exports to expand by 37 percent over several years. A similar expansion in wheat exports would take place if wheat trade were liberalized. The effects of devaluation are much less apparent. Aggregate indexes of the value of the dollar can give a misleading indication of expected trade impacts. It is important to identify where the dollar is changing in value, country by country.