Last year wheat reached a high of 7.34 but ending stock this year projected to be much tighter and now we have prices at 12.47 approximately $5 above last year’s high due to the market pricing in a lot of loss globally due to the Russia/ Ukraine war.

Again, now the market is consolidating below those highs as traders wait to see if USDA over the next few months will confirm their idea that US and global stock are going to be much smaller.