The wheat futures market is divided into three different exchanges. Soft red winter wheat is traded in Chicago, hard red winter wheat is traded in Kansas City and hard red spring wheat is traded in Minneapolis. 

The Chicago market is the most heavily traded, thus getting the most attention. This market was very volatile in early 2022 due to the Black Sea war, but it has since been in a steady decline due to lack of exports. 

Ukraine was able to continue to grow wheat and export it through various channels. Russia is also a large producer of wheat and continues to competitively control the global wheat export market. 

Since harvest ended in the U.S. this summer, Chicago March wheat futures have ground lower from $8 to sub-$6 in late November. 

A comfortable...