Did some digging and found these two articles on WEAT.
- https://finance.yahoo.com/news/sales-shares-weat-commences-223400152.html
- Teucrium’s Crop Of ETFs Flourish
My understanding, which could be wrong so feel free to correct me, is that because the limit of shares available was reach and creation of new shares was halted this created a deviation from the NAV of the CBOT WEAT futures. The futures and NAV are supposed move towards each other. Since the influx of interest in WEAT due to Ukraine war and the halt shares this caused WEAT premium to increase causing the price to go up and increase the deviation between it and the futures it holds.
Still need to do more research into if this really is bearish or bullish. If the redditor from the link above is correct then it might be bearish since WEAT only tracks Chicago WEAT futures which might not be as affected as other wheat futures.