Wheat

[kennynah]

i just opened a Long for a quick swing trade.... in the long term, imo, this baby will be thrown out of the window along with the shower water...

[b0rderc0llie]

I see. Good luck! I'll check it out again at night.

[kennynah]

good luck to you too....

but do note that for this instance, my trading horizon can be very short...ie, it could turn out to be a scalp...

[kennynah]

absolutely do not like how /ZW moved this afternoon....forget it.... close off the Long...turn it around...go for a slightly longer term short play...

all the best to you BC....and to myself too

[winston]

Russia Extends Ban on Exports of Grain to July 1 After Drought, Putin Says By Maria Levitov

Russia, once the world’s third- biggest wheat exporter, extended a ban on overseas sales of grain until July 1 to ensure domestic supply after drought damaged crops, Prime Minister Vladimir Putin said.

More than a third of Russia’s grain crop was ruined by the worst drought in at least a half century, prompting the government to impose a grain-export ban on Aug. 15. It was originally scheduled to be reviewed Dec. 31.

“The stability of our internal food market and the feed for livestock must be the priority,” Putin said today during a government meeting in Roston-on-Don, which was broadcast on state television. He signed the extension yesterday, he said.

Wheat prices in Chicago as much as doubled since June as Russia’s drought, flooding in Canada and parched fields in Kazakhstan and Europe decimated crops. Ukraine, once the world’s biggest barley exporter, introduced export quotas this month after a smaller-than-expected harvest.

Russian farmers reaped about 60 million metric tons of grain this year, and the country has enough supply to meet domestic demand, Putin said. Winter-grain plantings totaled about 13.2 million hectares (32.6 million acres) as of Oct. 20, almost 4 million hectares less than a year earlier, the prime minister said.

Winter-grain plantings are almost 30 percent below forecasts and “this lag will be impossible to overcome,” First Deputy Prime Minister Viktor Zubkov said at today’s meeting.

Russian wheat exports are forecast to slump to 3.5 million tons in the 12 months ending in June 2011, compared with 18.56 million tons a year earlier, according to the U.S. Department of Agriculture.



http://www.bloomberg.com/news/2010-10-2 ... ision.html

[winston]

Not vested

DJ China Sells 28% Of Wheat Reserves At Weekly Auction, Demand Up

BEIJING (Dow Jones)--The government sold 28% of the 1.25 million metric tons of wheat reserves offered at a regular auction Wednesday, the state-backed China National Grain and Oil Information Center said.

Demand was higher than it was at last week's auction, when the government sold 17% of a similar volume of wheat.

Grain authorities have been releasing wheat from stockpiles in weekly auctions to keep prices in check.

Source: Chuin-Wei Yap, Dow Jones Newswires

[londonhearts]

Wheat looks like nearing a breakdown of a 1 year plus complex top.

It's not a very clear break as it depends on how we draw the lines, but it has definitely gone below the previous low in Oct 11.

With the general USD strength and weakness is commodities, this guy is probably heading lower.

$WHEAT Wheat Spot 20-Nov-2011.jpg

Shorter term, it has definitely broken down from a 6 week congestion range.

^WH12 Wheat Mar12 20-Nov-2011.jpg

I missed the initial thrust down on Thur, but hope to still catch some of this if it retests the breakdown.

[behappyalways]

Russia Halts Wheat Exports, Deepening Fears of Global Food Shortages
https://time.com/5827804/russia-wheat-food-shortage/