Gap down around 685-695c/bu for wheat ... reckon this may now be in view for traders so bears possibly in control. Got shorts on for 25% of next year's crop (not enough really) but will unwind that position if we cover that gap. I'm with you JC in being bullish on wheat but this is dependent on whether the US drough breaks in the Wheatbelt from Texas up through to the Dakotas.
I'm bearish soy short term. Call me a cynic but I don't think soy will rally too much as I wouldn'tbe surprised if paper shorts have been mobilised here to ensure more acres go to cereals rather than oilseed crops in the 2013 crop. A cereal crop will generally yield double the amount of food volume an oilseed crop will. We are getting down to the pointy end of a potentially real food crisis so it is all about volume.
Of course manipulation like this can only lead to a bull market in the oilseeds for late 2013. Paper still controls the way the world farms ...
