Thoughts on the market/strategies

[charliep]

A nice up day (at least early on) but some fading as I post. A day of very thin trade given US Thanksgiving holiday.

My highlights today. Higher prices for wheat with a nice break above $6/bu in MGEX (resistance area to date). Will be interesting to see if the markets can challenge the next resistance area or whether collapse again to back under $6/bu. No fundamental analysis here. Just looking at chart patterns and trying to figure what the market is trying to tell up.

Only other comment is CBT soybean oil remains in the doldrums.

Others thoughts in here.

[boarderbloke]

Wheat hung in there closing just off the highs!

[crusher]

I made a big sale of wheat today for June delivery. I didn't want to clean the yard of snow. Cause there's lots.

[furrowtickler]

Lol - agreed on the snow crusher
We are thinking the same time frame to sell hrsw
There is either no sales for #1 hrsw or the market is simply trying to steal it at this time . There is very little good wheat in Western Canada and the market at this time is still not responding very well to this fact IMO

[charliep]

Just curious where your price targets are. One company I checked on has $7/bu 1CWRS 13.5 prices up along the highway 2 corridor. Over $7.20 ish early summer delivery. Great Falls prices USD $7 ish. You plug your own exchange conversion in.

[bucket]

I am going to start signing god damn basis contracts and wait for future s to catch up.

****ing missed good opportunity worrying about the fx.

My choice my mistake. I can live with it.

[tstep]

Have targets of 6.00 for #2 12 prot Jan delivery. Have #1 low pro and would like 6.50 Not sure, maybe should just lock the doors till they are desperate and have prices in the 8 range

[Hopperbin]

Let the bears get slaughtered. Eat bear meat. :-)

[Hopperbin]

Dont have this crop year cwrs targets but have 60, 000 bushels of last year soft wheat that is showing 5 bucks in the feed market. Actually above my target. Not a real target cause its not offered for sale at a price at the moment. Its a mental target.

[malleefarmer]

wheat must have broken through some sort of topside resistance?
Any charts to prove it

[furrowtickler]

#1 13.5 here is barely over $6 -
If I could get $7 it would be all gone

[furrowtickler]

One of the reasons land in Sask is cheaper and always will be - wheat / Bly/ and canola always at a discount b/c of freight or just general looting by local elevators