Wheat Pulls Back After Strong Run
Wheat rallied hard the past two weeks but hit resistance near 720 (KC July topped around 718.5)
Deliveries added pressure:
~2M bushels Chicago wheat
~3M bushels Kansas City wheat
Light rains in western Kansas/eastern Colorado (around 0.25”) helped sentiment slightly
“Prime the pump” idea → small moisture could lead to bigger rains later
End-of-month trading + profit taking triggered a correction
Current moves:
Chicago July: ↓ ~17¢ to 635
Kansas City July: ↓ ~12¢ to 692
Minneapolis July: ↓ ~13¢
