Wheat has been getting hit pretty hard lately. Noticed the dollar strength is really weighing on the complex - we're talking 10-11 cents down in Chicago, similar losses across KC and Minneapolis contracts. The whole thing just feels heavy.

What caught my eye was the export data from late January. Shipments were actually down week-over-week but still running ahead of last year's pace. Mexico came through as the biggest buyer, but Taiwan and Malaysia were also loading up. The year-to-date numbers are up pretty solid though - over 18% compared to the same period last year.

On the trader side, you had managed money covering shorts in the Chicago pit, which made sense given the pressure. Specs in KC trimmed their short positions too. Taiwan came in with a decent tender purchase of over 100k metric tons from the US that week, so there's still demand out there even with prices under pressure.

Looking at the actual futures - March and May contracts were all down, ranging from about 9 to 11 cents depending on which market you're watching. Chicago March was getting hit the hardest. Hard to see a near-term bounce with the dollar this strong and the overall tone in commodities staying weak.