Macdon errorl tech 101

[malleefarmer]

Wires this morning suggest russian export quotas not if but when.

So wheat may tread water to a degree until fresh bulli sh data emerges such as quotas

[malleefarmer]

Again this morning reading pricesin australias feedlot alley have eased $20 last 3 days to $230 delivered was $251 monday arvo.

Ample supplies.

Put you feedlotter hat on course they will wait. How the market functions until mexican standoff occurs no willing sellers no willing buyers

[Oliver88]

So does this confirm a drought in Russia or Ukraine?

[farmaholic]

Again this morning reading pricesin australias feedlot alley have eased $20 last 3 days to $230 delivered was $251 monday arvo.

Ample supplies.

Put you feedlotter hat on course they will wait. How the market functions until mexican standoff occurs no willing sellers no willing buyers

Mexican standoff????

Such an anti-Hispanic comment!

[malleefarmer]

So does this confirm a drought in Russia or Ukraine?

Guess govt sets quotas traders will find out soon enough aftervthat

[macdon02]

I think Chicago is headed for $8 range. Gonna take some time but March is going to be critical.

[farming101]

It seems like Russia puts on some kind of wheat export quota every year. To some extent Russian exporters get around that by trying to pump out as much as possible soon after harvest.
There is a move to increase stocks(see toilet paper) in many countries. This is in great part the reason for the price increase. If the need to hold more stocks subsides and the new crops to replenish are adequate I would expect that would end the rally.
Right now on top of stock increases there are the prospects for poorer harvest next year due to dry conditions.
2 things come to mind:

1) A few good rains end a drought in a hurry
2)Trade wheat - sleep in the street