Wheat a big short if it keeps rallying on Russian export restriction fears. Taking a look at the world balance sheet and stocks-to-use ratio, it's clear that this latest rally is built on rumours and funds pushing cbot higher. The reality is, the few mil of wheat (at most) that Russia would impact the market by (assuming the rumours eventuate) is not going to significantly impact world s&d.
Price is now right on underside resistance from April. If that is breached, we could easily see a fund and technical driven rally towards 750c/bu and if that happens, by golly I'll be short!
