Wheat has been the whipping boy of the market for the past several years and the short leg of every spread. Unlike corn and soybeans, which are the same around the world no matter the origin, wheat is more complex.The world has produced four consecutive wheat crops, and “awash in wheat” has long been the slogan among analysts. However, there aren’t many analysts of this commodity around anymore, and it has become difficult to find wheat commentary. One significant reason is that while corn and soybeans are the same around the world no matter the origin, wheat is more complex. Following are some of its distinctions:

USDA/FGIS recognizes eight different classes of wheat: hard red spring, hard red winter, soft red winter, hard white, soft w...