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| I agree, for spring wheat at least.
Weak dollar. Drying out in northern plains. Chicago wheat funds very short. Lower planting acreage. Rumors of wheat production troubles in China, Russia, Australia, whether that is true or not remains to be seen.
Looks to me like a rally is coming, or maybe started last week. I look for MGEX wheat to be $6.50 by July 15. Just my prediction, or hope, since I still have a lot of last years crop in the bins. If we don't get a rain soon won't need much bin space anyways. Not a chart guy (working on it) but looks to me like the trend has changed directions. | |
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Wheat: bottom in or not?
