The wheat complex is nothing if not diverse, with the hard red spring wheat market exploding higher while the monthly chart for the cmdty National SRW Wheat Price Index (SWPI, weighted national average cash price) continues to to show a major (long-term) downtrend. This move started with a bearish spike reversal during May 2021 that included a high of $7.4196 before the SWPI finished the month at $6.1401. From there it fell to a July low of $5.7725 before rallying to finish the month at $6.6491. Note the July activity created a bullish outside month, indicating Wave A (first wave) of the 3-wave downtrend pattern had bottomed and quickly moved into Wave B (second wave). As is characteristic of Wave B, it could result in a double top with the May high and possibly take out the previous mark, while maintaining its major downtrend. This next move should be viewed as a selling opportunity for remaining newly harvested 2021 cash bushels.