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| The COT report of this afternoon will reflect activity through Tuesday's action.
I suspect, but do not know (old days would have known as you could see the people), some funds are taking chips home and the buyers are stuck commercial interests and shorts. Some of the commercial buying would be from flat price shorts and some would be from those folks needing coverage as their cheap wheat is either lost in Russia & Ukraine or unavailable.
Referring to the old days gets boring, I know, but this deal is so like the 1972-73 deal....companies which sold giant amounts to the soviets remained uncovered until they discovered they'd been sandbagged & all raced in at the same time to cover. This action last night (wednesday) looked like commercial & suspect they would have been given some advance notice to the proposed embargo. The action of tonight surprises me a little and have taken some wheat off the table with the idea of being a buyer on a much overdue sell off today or Monday. The risk, no idea how deep the commercial interest is below this market, if any. | |
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OK, who is selling? Buckwhet, SC
