WOW!!!!!

[SASKFARMER3]

Mini Wheat broke $14 bucks tonight!!! I agree with you Lee it is only on the nearby, but still pretty cool!!!

[IAMTHEMOLE]

I think there is over 20,000 contracts of open interest in the MWh08 contract, and with little more than 5%- 7% of those contracts trading per day someone has a lot of margin calls yet to come. 20,000 contracts is 100,000,000 bushels or 2.7 million metric tonnes. This hardly seems like a small short squeeze. There will many more fireworks here in this contract. A limit move in either direction is a 30,000,000 dollar margin call for the losing party. OUCH!!!

[bucket]

I am a bit stupid on the topic you 2 gentleman speak but are you saying wheat is going to go even higher? My simple plan that 6 dollar wheat in the 70's should equate to 20 dollar wheat today may actually come true. Oh but wait we have the experts in winnipeg that could not plan a 2 man rush on a three hole shitter either giving our grain away or stealing the profits and redistributing wealth. I hope it gets there - grain is the best investment and where all others come to make money.

[melvill]

Again, this morning nearby wheat at MGEX is bid limit up. At the other two exchanges Mar futures are both up more than any of the deferreds. Still greater short-term buying than out further. Starting to smell more and more like a squeeze at MGEX but not at the others where there is quite a bit of carry between Mar and May.

Anyone out there, who's a trader, have an opinion on this?

[IAMTHEMOLE]

He who sells what isn't his'n must pay the price or go to prison. Tongue firmly planted in cheek.

[charliep]

With a $2.37 inverse between March and May and an inverse in the markets as far as one can see traded all the way to 2010 should tell everyone something.

Just checked out the DPC. $12/bu Alberta. There is not one farmer in Alberta (can't comment SK/MB.) who doesn't know this. It would be interesting to see how much US business the CWB is doing these days. Direct across the border business so transportation shouldn't be a constraint. For those who didn't sign a "B" series, head to a local elevator and grovel to have the contract back dated.

For those of you who believe picutures, look at the following.

http://www.cwb.ca/public/en/farmers/producer/historical/pdf/2007-08/0708dpccharts.pdf