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Middle Tennessee | I was half expecting the July wheat contracts to close gaps from May expiration (putting Chicago wheat $4.08 to $4.13). That will still probably happen, but probably after harvest and subsequent to a chunky rally from here. I can't read the future more skillfully than anyone else, but from precedent, funds can't sell any more wheat, sellers will have to come from somewhere else, but commercials are liquidating their shorts. Probably means a rally that will lead corn (which has it's own issues with fund shorts). | |
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MTM
