Comments on front months being locked limit UP and back months sharply lower for wheat today.

@kannbwx

What this means: market is EXTREMELY concerned about #wheat supplies in the immediate and near term. Traders are trying to sort through the sudden loss of Black Sea shipments (29% of world wheat exports)

@kannbwx

March 2: CBOT #wheat inverse reaches fever pitch with limit up in the nearby contracts and heavy selling in deferred.  Spot March wheat (no limits) is currently trading up $1.30/bu. May/Dec is actually about $1.80 at the time of post, not sure why my chart wouldn't cooperate.

@kannbwx

This is what limit-up CBOT #wheat looks like versus the 2008 record and other relevant years since then. Most-active May futures are currently up the 75-cent limit at $10.59 per bushel (Wed March 2). The light blue and yellow lines along the bottom are 2016 and 2017.