|
| my initial post here folks, was over the Agweb one that has changed and currently sucks due to unforeseen unnecessary changes.
You are correct in your 50% retracement figures, I would be a buyer of wheat in that area, I'm almost 100%/66% of physical contracted basis booked with an average over 6.15 2011 which am happy and grateful for,
I'm seeing a road of consolidation here, perhaps we churn in the present area in price until we get some fresh news fundamentally supporting another ramp up in prices, ny bet is we consolidate and move sideways to down and test that retracement area a couple of times before we move higher.
Last Thursday was definitely the parabolic blow off I was looking for but came a week early much too my chagrin as I missed that opportunity.
Now I believe that we churn for awhile at these present levels in grains as wheat hands off the torch to corn and I personally am expecting much higher valuations in corn as we presently are experiencing.
My neck of the woods in basis is fore telling much higher prices as valuation in basis are going down in preparation of higher prices, not bumper crops.
Multinationals and end users will not get shell shocked like they did in 08 and are laying down the protective insurance foundations to make sure farmers don't reap any huge wind fall profits.
Dennis Gartman is awaiting that 6.50 wheat area to get long.He missed the voyage up. | |
|
For the wheat bugs
