“Following yesterday's rally in wheat, the market pulled back and closed weaker as Russian export prices are down $2 this week. Stats Canada ending stocks for all wheat came in bullish at 4.1 million tons, down 22% year-over-year and below the estimate of 4.4 million. EU SRW exports for the season are down 37% from a year ago and Black Sea competition will remain heavy over the next few months. The U.S. dollar hit a new 6-week low overnight. With the Russia/Ukraine conflict escalating, the US may take some significant steps to sanction Russia which is likely the reason for yesterday's rally as there is little other bullish fundamental news around the market. Any sanctions that effectively limit Russian wheat exports would be considered bullish, although Russia has gotten very adept over the years at circumventing sanctions in a variety of ways, pointed out The Hightower Report.