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| On 9/28/07 HRW nearby futures were trading at $9.29 and July 08 futures were trading at $6.89 for a $2.40 discount to the new crop. July futures continued to trade sideways thru the planting window. Perhaps the market decided to ration the 07 crop instead of enticing new plantings for 08. Will it work? One thing for sure if the market needs more bushels they shouldn't wait till after the planting window closes to bid them up. Perhaps even the "trade" is learning new lessons about demand markets.
Will the market learn anything from wheat? Lots of implications as it pertains to the upcoming corn/bean planting seasons. | |
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Did HRW market send the wrong signal?
