Wheat futures from March 2021 to June 2022. Showing June harvests and its price correlation. Note the sell off in June 2022 as funds covered short positions. Price remains bid on Russian blockades of Ukrainian wheat exports.

This is an interesting chart.   Wheat Futures year-over-year prices, showing the extent of wheat prices beginning to rise in 2021, with the June/July Northern Hemispheres harvests, which we see wheat future prices dip down, as noted with the commentary on the above chart.  The major sell off when the June 2022 harvest started, was lead by short sell covering as funds closed positions, driving the wheat price down from 1277 17th May 2022 to 917 24th June 2022 over 60% drop.  The high of 1294 y-o-y is Russia's ban on sending wheat to former Soviet countries and the blockade of Ukrainian ports.   The green trend line shows the wheat price inclining in 2021 which was probably already showing the hallmarks of crop/wheat scarcity and U.S. Dollar weakness at the time.     The red horizontal line, could be the price support for Wheat, as the colder months begin in late August and September 2022.