Is Wheat Pulling Up Grains/Agriculture? Hard red winter and spring wheat ended May 1 at their highest week-end levels since 1H24. Will wheat guide the agriculture sector higher in 2026, or is it a bounce to fade within an enduring bear market? My bias leans to the latter, due to stretched speculator longs in grains and the low probability of a Corn Belt drought. Managed money (hedge funds) net longs, at about 17% of open interest, are the most extended for higher grain prices since 2Q22. US drought conditions and fertilizer constraints are underpinning wheat prices, but it's a question of duration. A Corn Belt drought may be required for well-supplied corn (in the US) and soybeans (from Brazil) to stay above $5 and $12 per-bushel thresholds. My graphic highlights hard red spring-wheat futures trading on the MIAX exchange breaching similar resistance near $6.50. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/te782gkip3iq {BI COMD} #wheat #grains #futures @BBGIntelligence(Mike McGlone)