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| I have enjoyed your comments over time. Your commentary is well based in an obvious long term grain career. An interesting event took place overnight. As we all have learned, about 1 million tonnes of wheat traded to India. The offers were from multiple origons and ironically were sustantially cheaper than the US origon wheat. I hear the wheat traded came from Russia, Kyzykastan (sp), and Argentina--all for Jan shipment. On a delivered basis I hear the trade was $40/tonne cheaper than the wheat offered that would have origonated from the US. We are correcting the balance sheet for old crop wheat. We are doing so on account we are missing export business because we are too high!! The same day we go limit up in Chicago. We see the Funds long 40 0/0 of the old crop positions in Chicago. They neither buy additional quantities nor sell anything. They have nice profits today.They ( the funds) will have to come out of these positions. The top will be in when they start to exit, look around, and find they are the only sellers. That time may be soon. | |
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Points of Clarification
