Wheat prices also in an extremely sharp downtrend, when Russia invaded Ukraine the wheat market rallied $4 over a course of 3 moths and now it has fallen $4 in about 1 month. We are pretty much right back where we started.

In fact, today’s prices down near $9 are actually below the level we were at when Russia invaded Ukraine.

The chart and is pointed downwards and the technical indicators are extremely oversold.