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Buxton ND | There's been a fair amount of talk on the wheat market doing a 2008...
You need to remember wheat in ONLY at these levels because of corn.
Wheat exports are a complete 180 entering the 6th month of the marketing year compared to 2008. We have lost ALOT of sales.
There been many bullish posts on wheat YET,the market breaks to new lows, as of yet the trade is trading winter wheat has 9-lives. And IMO many traders have been burn over the years on those 9 lives........................
wheat/corn spread have lost a good .70 getting wheat close to feed values,,,that DOES NOT match a wheat market of 2008.....
Stock to use ratio's HRW/SRW 45-50%
Last fall RMA,,,my thinking is the winter wheat boys bit that carrot very hard.................
There's only one wheat market I'm bullish that that MWH/K for a planting carrot rally ( carrot dangling in the of the tractor to plant spring wheat) but so far I'm eating my words.............As all 3 wheat break to new lows.....
The best thing ZW has going for it is IMO spec long are near NET EVEN,not quite but close, I could see them going NET SHORT like they did last spring.......
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Wheat and 2008
