Attention grain traders: watch wheat closely

The wheat futures markets just recently screamed to contract and even multi-year highs. However, the past few trading sessions have seen the wheat markets drop sharply amid steep daily losses. The price downdraft begins to suggest the wheat futures markets have put in least near-term tops, if not major tops. Importantly, wheat has taken over leadership in the grain markets. As goes wheat, so likely will also go corn and soybeans—at least for the near term. Stay tuned! —Jim Wyckoff