First, think of SWW as feed, because it is corn carrying wheat though now global production of wheat has fallen also. Corn is worth more than SWW on the West Coast for export. Therefore what corn does, wheat will do also. It is being fed as well as the normal human consumption market.
Then there are the unprecedented charges for elevation on to ships in the Portland district and has been anywhere from $1 to almost $2 a bushel. This is a new feature as far as I know in trade of wheat. But corn has been up to $9.50 Portland - before elevation. In any case I see the exporter margins as being a distortion in terms of trying to determine behavior of SWW prices visa vie Chicago.
I fully expect corn to rise further and I expect wheat will do the same. The timing and dynamics - or even the extent - aren't clear.
My marketing plan: 'Patience grasshopper.'