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Central Illinois | Wheat is by far the upside leader here. Agreed lots of crop problems around the world which will help support prices long term. Short-term from a chart perspective wheat needs to take a break. A break of 50-70 cents would not be uncommon as the uptrend will still be intact but a correction is due and probably overdue. Would caution everyone from becoming too optimistic from these level as we head into corn/soybean harvest here in the U.S. Also historically this is the time we start to fade prices. Yes I want to be long some grains here on the board but aren't we already long as producers today? I do not want to be long at these levels but will look to position long sometime during harvest by selling puts and buying calls on the corn. | |
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When it hits the news....
