A look at the monthly chart for the cmdty National HRS Wheat Price Index (HSPI, weighted national average cash price) shows us a familiar patter, something we’ve seen so far in soybeans, canola, bean oil, lumber, and what seems like countless other commodities. The HSPI is in a major (long-term) uptrend that is accelerating, driven higher by increasingly bullish long-term fundamentals. Regarding the latter, Minneapolis (HRS) futures spreads are inverted from September through July while national average basis has rocketed to 32 cents under September futures on July 29 from the July 1 calculation of the cmdty National HRS Wheat Basis Index of 48 cents under. While market moves like this can come to an abrupt end (e.g. coffee), the HSPI could continue to push higher due to hot and dry weather across the Northern Plains. Given this, the protein market could get equally explosive during August, putting the spotlight on the HSPI-HWPI (HRW wheat) spread.