Wheat markets never got any euro-phoria going today. Without support at the CBOT from the trend-followers covering their shorts, wheat there dropped about 3% with MGE and KC falling about 2% each.
A review of the CFTC COT report shows the managed-money sector approaching a flat net position. If the upward pressure on the dollar continues and the wheat market no longer has support from non-commercial shorts, the wheat market will trade back toward the April lows--hopefully with the hard wheat premiums for KC and MGE stretching out toward their highs.
We took off a small amount of our long hard/short soft wheat positions today--always nice to have more flexibility.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment