A wheat buffer stock simulation model is used to add random deviations of wheat yields and exports to projected supply and demand conditions for 1976-82. The result is a useful analytical tool for policy analysis—especially for the analysis of questions about price and income stability where deviations of production and use from the mean, rather than the value of the mean, are of primary interest. A simple buffer stock management rule is examined. Wheat buffer stocks would be purchased by a U.S. stocks management agency whenever the market price dropped below a specified purchase price, and stocks would be sold whenever the market price exceeded a specified sale price. The impact of alternative stock levels and alternative purchase and sale prices on the level and variation of supply, domestic and foreign sales. Government costs, and farm income are examined.