The all time high was in March 2008 at 13.2825. The futures opened that year at 9.36 and ended that year at 6.30 down 31%. Just a heads up that planning to fade the run may be safer than chasing. Unless of course you have bread that's gotta be baked now. And next week. And...here's the last three month's action via FinViz:
934.75 up 50.00
And from AgWeb yesterday:
Wheat Analysis - Feb. 23Price action: May SRW wheat futures rose 32 1/4 cents to $8.84 3/4, while May HRW wheat rose 31 cents to $9.18, both lifetime-high settlements. May spring wheat rose 15 cents to $10.02 3/4, a two-month closing high. Nearby HRW and SRW futures ended at the highest levels since late 2012.
Fundamental analysis: Nearby winter wheat futures soared to the highest levels in over nine years on concern Russia’s escalating aggression toward Ukraine will disrupt the global grain trade. Russia and Ukraine combined account for nearly 30% of global wheat exports and almost one-fifth of world corn exports. Deteriorating conditions for the U.S. HRW wheat crop, based on individual state ratings, exacerbated supply concerns. In Kansas, the “good” to “excellent” ratings for HRW wheat dropped to 26% (down four points from the end of January), while Oklahoma fell to 9% (down seven points) and South Dakota fell to 24% (down seven points).
When the individual state crop ratings are plugged into the weighted Pro Farmer Crop Condition Index (CCI; 0 to 500 point scale, with 500 being perfect), the HRW crop plunged to a rating of 259.0, down 11.4 points from the end of January and 65.4 points below the end of November. At the current level, the CCI rating would be 71.3 points below the five-year average for the beginning of April when USDA starts releasing weekly national crop condition ratings....
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Soybeans, which have had a more stately ascent:
have a better chance of holding recent gains and even trading considerably higher as we get into the end-of-March intentions report.
