john risk - wheat price direction?, page-90

As discussed previously, much prefer to see gains come primarily from world balance sheet shortfalls, rather than market sentiment, based on hypotheticals, such as Ukraine. Coupled with the big funds being net long wheat, it comes as no surprise to see a sharp correction. It was still a great long trade but the writing was on the wall for several weeks imo.

Chart suggesting more downside and I've included two key support levels that may come into play.