Move over, oil ....
Last week, for the first time, since history was kept in the
Chicago Commodity Exchange, Wheat future not only busted th-
rough the psychologically im****tant level of 1200 and did so
with gusto. The ginormous volume that accompanied the price
breakthrough suggested panic buying.
Traders' collective jaw was on the floor during the session.
To put things in perspective, it was at 400 exactly one year
ago. The year of the Rat came with a loud bang. What is not
so clear, however, is whether China have sufficient grain to
prevent food riots.
Let alone scraps for the pesky furry animal .... :)
Regards,
Albert K. Fung
La Brisas/Valle de Guadalupe, Baja California, Mexico.
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