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NE CO | The market is up another 25-30 cents already today. Remember when a nickel gain in price was cause for celebration? I'm not sure my old brain can adjust to this "new" market. It seems a shame not to take advantage of current sky high prices, but who is to say they can't push substantially higher (Maybe $10 wheat??) before this market exhausts itself. The 50 cent spread between CHI and KC makes me think speculators are still pushing this market in spite of excellent demand. When they decide profits are finished in wheat, a dollar or more pullback in price is not unlikely. I guess I'll just sit tight and wait. I hope I can pull the trigger on final bushels when the time comes.
On another note, when should we start pricing 2008-9 wheat? At a buck-buck fifty under old crop, I am leaning toward waiting to price any of next years wheat. Compared to anything we've seen in the past though, $6 futures look awfully tempting. | |
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House of Cards?
