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SW MN and Gold Canyon AZ | Right now the big ?? is how high can wheat go. Are we at a point where even grama down the street is buying wheat?? or maybe she hasn't read the news yet??
Driving from sw mn to chicago I saw very little BAD crops in fact I saw very good looking crops. Every year there are non planted areas, drown out areas ,dry areas ect... My opinion the crop is good, in most areas we are going into aug with pretty good soil moistures and the 8to 14 day show warm and wet.Here the crop could be a record. So demand is key, exports are key.Every day forward weather becomes less important until the frost scare news.
Me i'm an incremental seller. I need to sell more new crop because I don't think it will all fit in the bins at this point. I see $4.50 as very strong resistance on corn.Can $4.10 be blown out?? Basis is still wide.
Anything over $4.50 pulls back demand long term.
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When to 'fold em'
