As corn and beans were rallying in the Fall and early Winter, wheat was choppy and mostly sideways but then the war in Ukraine allowed wheat prices to explode to the upside.
KC wheat went from about $8 per bushel in late February to about $13 per bushel today. That’s a rally of $5 per bushel in about 2 weeks.
The fact that Russia is the number one wheat exporter and Ukraine is the 4th largest exporter in the world has allowed wheat to be the upside leader.
But we must also realize that when wheat goes limit up 5-6 day in a row, its going to become extremely volatile in the wheat market as well. With wide daily ranges and wide weekly rages.