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New Mexico | "shock" as you've termed it.
Over Bought??? this deal is not even started Up yet. That simple.
We're WAY overdue for a breakout type week.
Seems to me like the safety Up insurance for those who are now short wheat ( 2011 production ) is to buy some say Sept 011 calls ie say at approx $11.50, perhaps a bid/ask for say 3 cents.
Net cash wheat should move Up similiar to the July move thru August....say $1.25 to $1.40 Up.
Sept move will be in the 40 cent net Up range.
Looks like say $8.80 net cash wheat is probable in Sept.
$14 to $15 wheat in 011? Why not? Plenty of money there with what appears to be a "centurian event" style drought just started.
It will not take much from this point for basis to actually drop to 0 or perhaps even Positive..just to get product in.
Reason this will not "go over the moon " quite yet in Sept is the AU harvest in Oct.
Beans should follow wheat quite closely.
Corn...well corn is forlorn so to speak. | |
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any thought on next weeks market?
