Wheat Rally

[beaverdam]

Is MGE May wheat heading to 6.08 to fill the gap before it heads higher?

Time will tell.

[Bowerpower]

Holding some low protein, low fusarium 1cw wheat over until new crop year.
Futures predict 5% price increase plus or minus protein price spread.
Anyone care to predict how much we will make or lose per bushel?

I’m in same boat. One production scare away from a big rally. Europe, FSU, or NA.... are prices really that bad considering the production the last couple of years worldwide. If these are the lows I think we are in pretty good shape.

[farming101]

Is MGE May wheat heading to 6.08 to fill the gap before it heads higher?

Time will tell.

That would be the logical target. The last runup left an island top which resulted in the overdone drop.
This latest rally is hanging around for a few days. Staying above 6.05 for next week is important.
May is getting long in the tooth. Switch to July soon. Pattern just a little bit stronger

[farmaholic]

My god 101, that looks like it belongs in an abstract art gallery to the untrained eye.

I don't know if it's possible to explain something like that online without a pointer and verbal explanation.

[errolanderson]

The sudden pullback in wheat last week was triggered by incoming U.S. sanctions on Russia which effectively hammered the Ruble. The Black Sea export market is now the dominant global wheat pricing region in the world. Black Sea wheat gained considerable advantage over U.S. exports due to these sanctions (IMO).

Trump is between a rock and a hard spot whenever he talks tough on trade as it almost immediately impacts American Midwest.

[Guest]

We had a little bit of low px 12.8 , sold it thurday for$6.61 june at p and h . Still have quite a bit of 13.8 px and 14.9 px . Hope it goes up a little . Been a struggle to get over $7.45 for the best of it

[farmaholic]

Where's support?

[farming101]

MWN around 610 for this Friday short term. Staying above 600 this week would maintain a bit of strength. Two days with closes below 616.5 would indicate no need to raise bids very much.

[beaverdam]

Just filling in the Apr 9th gap up,,,be ready for "turn around Tuesday"

[biglentil]

Damn thought the rally would blow through the resistance, the cartel at it again.