Optimism in the wheat market last week disappeared like a puff of smoke in a breeze, and it didn't take much to touch off heavy selling. The bearish technical signals of the previous week gave way to a violation of trendline support on Monday, and that was all the push futures needed to fall off a cliff.
Large global supplies of wheat were one reason cited for the weakness, but really, these numbers have been in the market for a while. Better rains in
Improving moisture for winter wheat seeding also helped dent the market's enthusiasm. Though dry areas remain, key regions like
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