Wheat just went up $2 in 2 minutes!

i thought wheat couldn't move more than 60 cents before its halted?

 

Yup, a real joke . . . my broker is laughing his a$$ off right now. I'm framing my nightly statement today.

 

I moved to $.60 from Limit Up last night, went limit down before market reopened at 10:30 am EST and then went back up to Limit @ $1349.50. It has pulled back $1.20 again and is now going back up to challenge the Limit again. Damn I love this.

 

i don't follow commodities but all the hoopla got my attention. so you're saying limit up last night was $12.80 are so? so even though it tanked to $10.70 are so in order to trigger another limit up it must run 60 cents past the old limit up oif that day of $12.80?

 

Grab some popcorn.......this is wild.

 

The limits were expanded to 90 cents yesterday and to a whopping 1.35 today.

 

Bernanke who?

Wow, this is crazy.

Is this a haywire algo throwing around those 250 - 300 lots in July?

 

Once Limit is established the limit is increased 50% each day. So $.60, then $.90, then $1.35 then $1.9750 and so on. Minnesota Wheat hit $24 a bushel the other day I don't know where it is today.
I spoke as a keynote speaker to a group of farmers in Minnesota this Summer and told them we would see record wheat prices this year and was laughed at. The USDA representative told me I was a lunatic.
I'm crazy alright.

 

Holy Wscheat...

And I was impressed by the action overnight...

:eek:

 

This wheat market is not that liquid compared to other futures markets like crude oil or gold or even corn or soybeans. It doesn't take much to move these markets, and with funds making moves and some getting caught short, you get these fast moves that happen in minutes. Someone is obviously panicking.