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| This Argentine deal is somewhat significant in that they have hard wheat. My guy who occasionally trades MPLS....is not part of the current deal & thinks it is a highly speculative deal...in these volatile markets I use the evening session open as my guide & use stops once the day open range is set....at this juncture I am a small buyer just below today's lows in Chgo until 12:30 & did not get hit on the first run....the next shoe to be concerned about, in my opinon, is the fed rate cut....if they only do 1/4, I suspect there will be some disappointment. I think we, as I related earlier, are in big broad trading ranges with an upward bias & have to trade out on strength & cover on the soft spots --these market drew a lot of selling when Mpls traded as I think that was the common opinon...The argentine deal is not a lot of wheat...but the carryouts are small & has some effect...still is all in the hands of demand. In 1974, the market provided some heart stopping breaks, everyone raced in to sell, as in a big bull market...it is human nature to want to sell ...after people sold in the hole...went right back up.....however, all these markets are getting pricey AND OLD & one of these days we just might get a reversal which will hold. I'm trading small in these markets. I let the young guys run loose on this one as they have more years to pay off the debits if they get stuck...I'm old.
Argentina Agriculture Secretary Javier de Urquiza is expected to
announce the reopening of the country's wheat export registry.
It is expected that new registry would be opened for 2 million tonnes
of wheat spread evenly over a five-month period, with daily limits of
12,500 tonnes per exporter.
Edited by SeniorCitizen 1/29/2008 13:20
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WHEAT MARKET??
