farming101 and wheat

[farmaholic]

How long does wheat have to stay above an over head resistance line to say it may have broke resistance and is turning up.

MGEX had a nice bump up, can it keep it and hopefully gain some more. Probably turn lower after the "beasts" appetite has been satisfied, til it wakes up hungry again. Hibernating bear...

What's the news?

[cottonpicken]

Three days and three percent is one rule of thumb that is used.

[Oliver88]

Minneapolis March is now $6.15.

http://www.mgex.com/quotes.html?page=quote&sym=MW

Canadian $ also hit a 11 year low today as well.

[Braveheart]

It seems futures positions are taxable at year end so some shorts may be taking profits by buying back positions. Better to pay tax on cash in hand than an unrealized futures position.

[farming101]

Farmaholic, I don't think the mgex bears are hibernating, they are showing up for work everyday!
Ya, last Thursday and today gives a guy some hope but the patient is still flat on his back. This is one ag market where the spec funds haven't been taken to the woodshed.
Low canadian dollar has been a life saver for the wheat markets here.

Having said that there would be a glimmer of hope if there was a close above 5.20 March for a couple days. It is close. As you said it likely wouldn't last. The low has to be printed sometime. Maybe the 5.00 low last week was it. Can't tell yet. I'm not the best one to ask if a trend is starting. I like following trends better than predicting them.

[farmaholic]

I realize using the analogy of a hibernating "bear" was a poor example. It's just that is seems to wake up every once in a while just to go back to sleep. Maybe a castrated bull would have been more suitable?

[farmaholic]

MGEX seeing red this morning.

Does the exchange serve the speculators better than actual producers? What did someone call it? A playground for billionaires?

[crusher]

Oli,

I think you missed it by $1.

[farmaholic]

Sven.... bak in chun an chuly it didn luk dat goot hear. if dat is vut u ment... da exter dular vas gon by agust...

cood sea down da crop rowz all summar, luky vee got vut vee did...

[farmaholic]

I realize this is reactive marketing rather than proactive. But circumstances didn't look very promising here...

Tom4G3 even said we were presented with a gift when canola hit over $530 back at the same time and couldn't agree more, a good "opportunity". Hard to "physically" take advantage of that when you're staring a near/possible wreck in the face. I guess I could have played with paper...