The wheat market's price behavior over the last week has become cautious. The bears, that snarling, hairy group of negative-biased sellers, have become less willing to extend their positions, even as the bulls, like Fer- dinand, are sitting just quietly, smelling the flowers.

The "large speculator" category of traders included in the Commodity Futures Trading Commission's (CFTC) weekly Commitment of Traders (COT) report are currently holding about 23,682 wheat futures contracts net "short" sold in Chicago . Historically speaking that is a relatively modest posi- tion for this group to hold....