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What about wheat and corn? These commodities are collapsing

Soft commodities are falling hard.

While many investors remain mesmerized by the record rally in stocks, quietly commodities such as wheat and corn have logged huge losses in the past month. And according to some agriculture experts, the combination of great weather and easing global tensions could mean more pain to come.

Read MoreGrains-Corn, soybeans tumble on good crop weather, fund selling

"Couple the perfect spring season with Russian and Ukrainian tensions falling to the background, where people are no longer worried about corn and wheat supplies out of that region of the world, and you have a perfect storm for over-supply and lower prices," said "Futures Now " contributor Brian Stutland.

Wheat has fallen 18 percent in the past month and has logged losses in 19 of the last 21 trading sessions.

Despite the selloff in wheat, the grain still remains expensive relative to foreign markets, something that could weigh on the commodity in the near future. "Wheat is still cheaper in France and the Black Sea," said Chip Flory, editorial director at Pro Farmer, an industry newsletter based in Iowa. "Until those prices even out, the selling will be hard to stop."

Corn hasn't done much better, losing 14 percent in the past month and experiencing declines in all but three of the last 19 trading sessions. Traders say the decline in corn prices is more a function of the weather than anything else.

"Once the polar vortex ended, weather has been perfect for planting in the Midwest with a little rain, a break in the weather to plant seeds and a little more rain after that," Stutland said.

Read MoreGrain and bean prices slump on better weather

Picking a bottom, though, is anyone's guess—but some traders are starting to look for opportunities.

"At this point, I would start to look for good entry points for long positions in both wheat and corn," said Jim Iuorio, Director of TJM Institutional Services. "In order to pull the trigger on a trade, I would need to see some sort of bottoming pattern or an aggressive daily price reversal."

—By CNBC's Maxwell Meyers.

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