The soft red winter wheat futures market spiked to a multi-year high in early March, but prices have backed way off since that time, to suggest a major market top is in place. And if wheat has peaked it’s likely that the corn and soybean futures markets have, too. Very rarely does one grain futures market become as bearish as wheat without the other grain markets following, or at least seeing their price upsides limited. Stay tuned! —Jim Wyckoff