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| IDK that I'm an expert but thanks for reminds me Prt, to look at local bids and one dropped a dime today,there is a fair chuck of wheat moving here. I did just call and lock in some of the tin can wheat basis @ -.10 for June deliver.
Funds went net long ZW last week for the first time since June, best buying from the long side we've seen in a while. Been buying MWE also although more short covering,spring carrot will need to be dangled here. On a side note,,,there was ton of beans acres last year,open to planting spring wheat,there's no dollar signs to be seen up here growing corn we we all can not plant soybeans.
The whole Russia export deal is over blown IMO.but these funds may just have that buying hair up the back sides. Wheat is probably corns best friend right,,,and with E margin being flushed corn does need a helper.
I am short 1 MWEU @ 6.47 with orders above the market for more on Z, there is a fair carry to new crop with spring wheat,not the case in winter wheat's. Much of the spring wheat area is as dry as Kansas. Did see some signs of nature this fall pointing toward a dryer year kinda like 2012,not as extreme tho,I say bring it on. Darn near sounds like I'm bullish here,someone better tell Sheepy ! ! ! ! !
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Old crop spring wheat-time to set basis?
