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| Was looking at COT charts tonite. AS of 7/27 there was still room prices to go up when looking at the COMMERCIAL short position historically...of course things may have changed since 7/27 in that respect.
Tough to make basis forcasts like that in my opinion though........I would surely HOPE basis improves as you forecast.........just dont see it with a billion bushel carryover in the US though............I guess when/if we see increased exports from US then maybe the Commercails will actually have to bump up basis........
Speaking of wheat, check out the DURUM prospects..........Canada is forecast to have ONE HALF the Durum crop of last year, although their stocks are high right now..............Could we see the fireworks in the DURUM market we saw a few years ago??? My loan rate here is $6.17 a bushel and I am leaning on putting all under loan and sitting on it ........current cash offers are around $5.00 now.....course this assumes the White Combine stays away, still a month from Durum harvest here. | |
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any thought on next weeks market?
