Spring Wheat Prices Break Out to New Highs as Global Grain Market Heats Up

The grain market is on high alert as spring wheat prices break out to new highs and close at a record. This development puts $8.20 in play for future trading.

Support levels stand at $7.10, while concerns about the Black Sea's ability to export grain are driving up demand for European, Canadian, and US exports.

Wheat and rice are considered inelastic demand commodities, as they provide primary calories for developing nations. The geopolitical situation between Russia and Ukraine is escalating, with a potential truce sending markets lower.