Wheat sales are fast outpacing the historic average just four months into the marketing year, as buyers scramble to lock down supplies. World wheat inventories are headed for the lowest level in nearly three decades. "If we continue to sell at the pace that we've sold over the last three weeks, we would basically sell all the wheat the USDA thinks we're going to sell all year," Feltes said. http://biz.yahoo.com/ap/071001/comm...eview.html?.v=4 Well, you gotta love quotes like that. That may not signify a top in and of itself but it sure makes one more likely IMHO.
check agriculture.com's forums- they have a crop marketing bulletin board. farmers themselves discuss their prospects, weather, crops, etc.
Wheat Falls by Daily Limit on Expectations Plantings Will Rise http://www.bloomberg.com/apps/news?pid=20601087&sid=aS66x0C9jFro&refer=home
now that was a good call... give me props... (isn't that such a redeeming quality... calling attention to that)
So now that grains are no longer in fashion, is anyone finding this dip in wheat (and everything else) attractive as a buy? This looks classic fade the crowd (crowd: harvest season hedgers, funds forcing the issue). Who's in the camp the bull is dead? Any bulls left? Some export #s and crop status #s come out tommorow. Anyone think there's support in wheat anytime soon? Interesting how a day or two of rain in Australia and Brazil and no more grain demand left.