The cmdty National HRW Wheat Price Index (HWPI, weighted national average cash price) extended its major (long-term) uptrend to a high of $9.4521 during February. While cash HRW is sharply overbought, national average basis remains strong and futures spreads are inverted for as far out as one wants to look. With new-crop on the horizon, attention will now turn to continued soil moisture deficits across the US Southern Plains growing area. This means the HWPI should stay well supported for the foreseeable future. Given this, sell stops would be placed below the previous 4-month low of $7.2407 during March.