Wheat prices exploded to the upside trading limit up 5-6 days in a row, but when a market explodes to the upside it is also at risk of falling sharply to the downside and that’s what we are seeing in wheat prices at this time.  

Wheat has fallen about a 1.60 off the highs, doesn’t mean it can’t slip further, but we do believe if prices approach $10 or in the low $10 range, we are likely to start finding support.

In the near term the chart does look negative from a chart perspective, technical look very negative. But the shear lack of supply coming out of the Russia/Ukraine region is likely to provide support on any further break.