Damn. When you say you are going to ride someone, you really mean it. You followed him into the Ag section from last year? lol! That is dedication to a cause!
I thot the false flag criticism of the synthetic would draw him out of his fake Carib-vacation, but it's a long synthetic call, not a synth-put. Wasted setup.
What is neat here is that this is a Hall of Fame thread, in case you did not know. So your posts will be enshrined in eternal ET history until the bombs drop. If they do not drop? Forever hugz and stuff.
Hello. I want to say that, In the Commitments Of Traders of last Friday 05-05-2023 the Large Speculators was Short on CBOT Wheat for 90203 Futures Positions. On 03-05-2023 hit the CBOT Wheat futures contract of July 2023 the low price of 603.75 cents per bushel. Right now 01:00 Chicago Time today 08-05-2023, is around of 660 cents per bushel. Any thought about the price of CBOT Wheat July 2023 ? Kind Regards, George Kanellopoulos.
big picture - it is on a downtrend since May 2022, ie one year ago (Ukraine war grain shipment thing?). smaller picture - the up force momentum (since 3 May 23) is still strong. If I were a swing/position trader, I wouldn't short it as the boat had left a year ago.
A year and a half ago you had a perfect storm for the price. You had Russian/Ukraine war...Maybe you will get a truce there. You had the pandemic where people had money (government) and were buying products from China and Asia. This meant that railroad cars were in high demand for other items...Wheat is a low, slow cheap commodity (that gets sent usually last (think of silos). My son in law's family is still growing some (a lot) in Montana. But they have a new contract for some type of peas. Spreading out away from wheat and barley if they can...
Wheat balance sheets are going back to historical norms in the grand scheme of things( after large supply-to-use ratio years ), but KC wheat conditions and production will be terrible. The forward curve is wild. Be cautious there.