Some are asking why wheat was so strong today, part of the reason may be the fact that over about a 3–4-day period wheat had fallen $2.32, that is a tremendous drop in a short period of time and now wheat is bouncing back.

We discussed how our wheat markets could remain extremely volatile in the near term. We are going to use strong rallies as an opportunity to sell and strong breaks may be opportunities for end user buying.

But right now, todays close at 11.43 a $1.16 off the recent high and a $1.16 off the recent low, so today prices right in the middle of the range that’s been established over the last week or so.