Wheat Falling Back to Start Month-End Trade

Wheat prices pulled back at the start of the week, with Monday seeing sharp losses after the wheat complex pushed winter wheat to 3-year highs into the weekend. On Friday, Chicago SRW futures rallied across the board by 10 1/2 to 24 1/4 cents, with the September contract up 85 1/2 cents. The setup suggests recent strength is now being unwound, increasing near-term downside pressure for wheat-related exposures.