We were in the same spot a year ago.. recall all my posts about standing for delivery. After the First of the year the market rallied over a dollar per bushel.
History repeats?
we'll see..
I think the market is trying to pick off cheap bushels on a perceived storage crunch.. however the story out here is the lack of ground piles.. and the drawn out harvest.
Zen says to wait to see what the new crop does.. I already know what unemerged wheat on my farm post Thanksgiving does... it's definitely a yield hit.. that's not the case for the whole HRWW crop.. but there's room for surprises for both bulls and bears.
My merchant buddies big shipment program doesn't get cranked up till after Jan 1st..
We'll just have to wait and see. |