Domestic pasta demand jumped suddenly before settling in at above-normal levels for more than a year without typical seasonal lulls.

Natural gas from Russia, Chinese restrictions at play.

Wheat futures on all three exchanges have dropped more than 30% since posting highs on May 17.

Elevated prices not seen as a short-term event.

Soft red winter production down 2%, USDA says.

Second year of lower production possible.

South American planting seen as bellwether, speaker says.

But third largest since record high in 2013.

Dedicated assets, drop and hook more prevalent.

Supply patterns shifting as buyers seek alternatives.