Up 60 cents. Was in a spread of Long Mar/Short May. Covered the short MAY when it was up 45, now basically long 1 ZW of the Mar futures. Looking at 29,400 bid for the Mar contract. Unbelieveable.
The CBOT, MGEX and KCBOT raised there limits for wheat starting with tonights session. http://cmegroup.mediaroom.com/index.php?s=43&item=689 The March MGEX wheat contract was synthetically trading, via the options market, over $20 on Friday, which was $5 higher than Thursday's close.
I don't trade grains (or ags at all, for that matter), nor do I understand them. How does a sudden wheat shortage develop in the middle of winter? Bad crops in the Southern Hemisphere?
"I don't trade grains (or ags at all, for that matter), nor do I understand them. How does a sudden wheat shortage develop in the middle of winter? Bad crops in the Southern Hemisphere" There is no off switch for fiat money
Wait and see what happens to corn once wheat trades down. Ags have a nasty habit of going down a lot faster than up.