how high on the wheat>?
expand the limits and we find out pretty quick.
https://www.marketforum.com/forum/topic/82264/
Pure insanity.
We'll likely see some limit down moves at some point too.
3 days limit up is normal within 2 std. This time looks different; Uke is the bread basket of eastern euro grain plains. putin now lives in a a bunker; bunker=prison,cell. The invasion is for oil and gas riches. Over time a ~100k soldiers will die and a ~100k civilians colaterals est.
What is the mistake all pie cutters make?
Putin and Xi for the next 30yr? They wish...
"The west is the best" Jim Morrison
You might have more credibility if you said the entire world is insane with the lunatics in control of the zoo
Actually wheat needs to increase in price to equal net revenue of other crops, excluding arid regions of the world
So no, wheat price is not insane
All time highs in wheat
Chi. Wheat 2008 $13.34 1/2
Kansas City Wheat 2008 $13.84 3/4
Minneapolis Wheat 2008 $24.26
"You might have more credibility"
Welcome back Wayne!
Let's get this straight, so YOU have the understanding. You are extremely welcome here under almost all circumstances and have made tons of wonderful contributions in the past, which we look forward to.
However, if you want to focus your posts on bashing the moderator and calling names(or personal attacks on anybody here), which resulted in your suspension, then you will go bye bye again.
My favorite posts have always been those that disagree with me.
Please do that without making personal attacks.
There was no violation with your post but I recognize the tone and am trying to HELP YOU before you ramp up the personal attacks again, here on your first post back.
Thanks much!
Mike
Thanks tallpine.
Those are extremely relevant levels, even though we could blow thru them because of so much emotion and possibly some huge shorts getting stuck..........and the last thing people are watching is technicals.
Parabolic moves higher sometimes peak much higher from trapped shorts with catastrophic losses that stayed too long and only finally liquidate/cry uncle close to the top.
I actually remember the MWE high, tallpine.
https://www.twincities.com/2008/02/15/wheat-market-gone-wild/
Decades from now, farmers will still talk about this week – the moment when wheat in Minneapolis soared to nearly $20 a bushel.
metmike: They got that right!
February 25, 2008 12:20 PM
http://m.futuresmag.com/2008/02/25/mgex-wheat-smashes-records
Hard red spring wheat traded at the Minneapolis Grain Exchange (MGEX) hit the unprecedented level of $25 per bushel Monday as the bull market in grain hit hyper drive. MGEX recently received approval from the Commodity Futures Trading Commission (CFTC) to remove price limits on the spot wheat futures contract month commencing the first business day after expiration of non-serial options on the spot month. Monday was the first day the March contract had no limits. March MGEX wheat rallied from its Friday close of $19.25 to $25 on Monday before settling at $24.
I remember that market
I was in there on the wrong side
I legged in on a spread to mitigate my losses
I legged out but sadly lost money
This is a story that made the rounds during those insane prices
FWIW
A farmer had a bin of 10,000 bu wheat [approx.]
He was offered 20, maybe 25/bu [not sure exactly]
The farmer refused the offer
Coffee shop talk was
Classic example of:
When two fools met
well in the morning may synthetic wheat futures were trading near 14 bucks ,anyone know how that closed
Thanks Wayne!
The markets have made a fool out of me more times than I can remember and I remember lots of times (-:
Monday 7th Wheat limit 85 cents and then expanded limits will be $1.30
Will Ukraine get crops planted this spring with a war ongoing? How does an export bulk ship load grain during a war?
Great questions becker!
I would not be surprised to see wheat, when it gets done with the limit ups.........be followed by a limit down.
When the panic buying is exhausted, who will be left to buy short term at these prices?
Ukraine grows winter wheat. Planted last fall for harvest this summer. Yes, the crop is at risk.
Thanks patrick!
Here's a link to production of all the crops affected in that area based on the specific, geographic location.
You want to choose, "Eurasia".
I'll try to find something that actually lists where they rank globally for each crop.
https://beef2live.com/story-top-20-produced-foods-ukraine-0-120924
Wonderful information and discussion below!!!
February 28, 2022
The broad economic implications of last week’s Russian invasion of Ukraine, and the resulting sanctions imposed on Russia by the international community, could include disruption of trade flows, greater inflationary pressures, and an increase in volatility across a wide range of global markets.
The invasion is likely to impact the spring planting season for Ukrainian farmers, the magnitude of which will depend on the length and severity of the conflict. Diversion in trade flows will lead to price pressures and increased volatility for the agricultural commodities for which Russia and Ukraine play relatively large roles in terms of global production and trade. This increased volatility was seen in trading activity last week in wheat and corn futures which included limit (maximum) price moves both up and down across multiple days.
The inability for Ukrainian and Russian agricultural commodities to reach global markets may result in higher prices than would have otherwise occurred to the benefit of grain and oilseed producers in other major producing and exporting countries such as the U.S. However, the market disruptions stemming from the conflict and Russian sanctions will also result in major economic costs. Higher agricultural commodity prices will hurt net agricultural importers, particularly in developing parts of the world.
Other costs of the conflict may also hit U.S. agriculture: Increased volatility introduces both opportunities and challenges from a risk management standpoint. Higher prices for agricultural inputs would offset the benefit of higher corn, soybean, and wheat prices for U.S. farmers to some as yet unknown degree. Russia and its ally Belarus are major world suppliers of energy and fertilizer products which could be severely impacted by sanctions (Glauber and Laborde, 2022). With energy and fertilizer prices and volatility already at high levels, the invasion of Ukraine creates additional uncertainty regarding input costs and availability that still might impact the 2022 crop year and also extend to future crop years.
Putin has announced no exports of fertilizer
Some body will feel some pain/shortage
You can skip P and K on most soils
Corn and wheat do not produce worth a darn with out N. Not sure about any other crops and N
https://www.marketforum.com/forum/topic/82313/#82387
I would not be surprised to see wheat, when it gets done with the limit ups.........be followed by a limit down.
When the panic buying is exhausted, who will be left to buy short term at these prices?