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Ripon, WI | We surged higher in wheat as the Canadian Wheat Board has come out to say that between 8.5 and 12.5 mln acres will go unplanted this year in all crops, with up to 3 mln possibly not being planted, as well as 1.5 mln barley acres unplanted and also a number of canola acres. Given the huge Spec short in wheat, this has brought in enough buying to hit stops and trigger fund short-covering to wheat, which has turned that market up and spilled over to corn and even beans to small extent.
If China is back in the market, and what the outsides are indicating. I respect the crop concerns in Canada, but the size of the fund short is actually a better reason to rally than anything since the funds trade on techs and we are turning them up.
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Email I got on wheat
