Wheat Pulls Back After Limit Rally While Soybeans Surge on Argentina Plant Fire

🌾 Wheat Finally Pauses After Explosive Rally

• After yesterday’s limit-up move:

  • Kansas wheat rallied another 20¢ overnight

  • Touched 7.50 before reversing lower

• Profit taking showed up during the day session:

  • Producers selling into the rally

  • Traders rotating money back into corn and soybeans

• Current wheat prices:

  • Kansas July wheat down 2¾¢ → 7.28½

  • Chicago July wheat down ¼¢ → 6.78¾

  • Minneapolis July wheat down ½¢ → 7.23½

• 📌 Big picture:

  • Kansas wheat tour continues showing severe crop damage

  • Trade still expects USDA may need even larger cuts ahead