2003-04 Wheat Hedge

[rain]

Charlie do you think its is too early to start hedging next years milling wheat? I think anyone who is going the the CWB with wheat this year should take the EPO on every bushel.

Unfortunately I I do not see any Min, Kansas or Chicago puts for July forward.

Any advice or thoughts.

[charliep]

I will leave for discussion. It will depend a lot on an individuals market plan - disciplined hedger with a view to profit or wanting to capture as much of the market potential as possible. I would be prepared to ride this market out a little more before forward contracting 2003 crop.