With winter wheat harvest on the distant horizon, the monthly chart for the cmdty National HRW Wheat Price Index (HWBI, weighted national average cash price) shows an extended major (long-term) uptrend. After testing support at the March low of $5.2129, now the 4-month low, early in April the HWBI exploded to a high of $6.9290 before settling the month at $6.7302. Combines should be rolling across the far US Southern Plains later this month, possible putting pressure on the HWBI by the next round of Monthly Analysis. But for now cash HRW wheat is in an uptrend, supported by bullish fundamentals indicated by the weak carry in Kansas City wheat futures spreads. The previous major high is up at $7.97 from May 2014 as part of the bearish key reversal that sent the HWBI into a major downtrend through the low of $2.6403 during August 2016. As always, things can change quickly in the wheat markets.