Wheat has been grinding higher since the August lows, and today we saw a breakout above trendline resistance, testing the 200-day moving average. Russia announced plans to annex about 15% of Ukraine, which sent fears into the market regarding their potential wheat exports, and the market was close to limit up. The bulls look to maintain price action above the 200-day moving average, and from there the next level of resistance comes near 950. A failure at these levels could send us back down to support at the trendline, and then the 50-day moving average near 820.