Wheat markets in the U.S. have traded to their lowest levels since fall 2020 as selling pressure has been relentless since the end of last summer. Managed money, which we discussed last week, isn't overly short in the wheat market, at least in terms of historical standards, but prices have continued to drop anyway. In fact, prices have now dropped below pre-Russian invasion levels, which on the surface would lead one to believe there is zero supply dislocation from the war in Ukraine. The thought around this is that traders have become "comfortable" with the war, so to speak; the Russians aren't going to leave, and the Ukrainians aren’t going to simply give away their land, which leads to a continuation of the last couple years. Markets don’t like the unknown, and if this is the...