It's no secret that U.S. wheat prices are in a slump. I'm not here to bemoan the fact, but I do think it has become an interesting situation that deserves watching. For starters, March KC wheat closed at $6.24 1/4 Wednesday, Nov. 22, near its lowest March price in over two years. DTN's National Hard Red Winter (HRW) Wheat Index closed at $5.52 per bushel the same day, a price that, before this year, was last seen in early 2021.