You do realize that for the first time ever the United States is having to IMPORT wheat to meet our own basic food demand?
I saw the same opportunity on the hourly charts - but we are in a serious bull run and i would prefer to only trade with the trend. I waited until it retracted a bit and got in on the long side.
If you have been following the grains for the past few weeks, you know those weren't "huge" gaps by any means...
i would be very wary about shorting any ag product right now t oo much risk. Buy some put of the money lottery pick puts? you might hit one, other than that if you wanna be short spread it man. Carry trades etc etc.
I dont know where you got that information. U.S. projected exoprts for wheat this year is already 30% above previous years quantities.