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| One thing I'm wondering about is basis. We are historically strong right now because feedyards are feeding wheat. Was messaging the gal at our local ADM and she said China isn't buying milo so that's dropped corn and milo basis which will pull them back into ethanol and feed, which will pull wheat back out of the ration eventually.
Could be we have more upside potential in the market than downside basis potential, but it is making me wonder.
ETA- I've been gambling on a few bushels 2021 crop. Sold most at 6.15 and 6.58 cash. Closed at 7.03 cash today. Tempted to drop the hammer on the gambling bushels and say I've sold $7 wheat, but seems like there could be a bit more steam in this rally??
Edited by kwk 8/2/2021 13:47
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Wheat blow off top day?
