Wheat went almost parabolic in the first weeks of the war in Ukraine with the Exchange limiting trading on a daily basis. Prices have stabilized somewhat but volatility is likely to remain elevated.
After market opened trading freely we saw a correction down to the 0.50 Fibo retracement at around $1,050. Before next corrective wave down to the 0.618 retracement at around 978.
However, with no divergence on RSI (divergence is when RSI value is falling where price of instrument is rising) Wheat could very well reverse its current short term (corrective?) downtrend