The wheat market as revealed by Chicago soft red winter futures is a one-day wonder. Since mid-May, all of the significant price changes have come in single sessions. On May 14, July contracts opened at $4.81½ and closed 33 cents higher at $5.14½. This week, following the three-day weekend, wheat opened at $5.15¼ and closed 22 cents lower at $4.92¾. Every other session for the month has been quiet and small.

This is sufficient to exasperate short-term traders, although the profession of trading wheat is a study in exasperation anyway.

The trend? The price on Tuesday settled on the cent...