Monday, August 2, 2010

Climateer Line of the Day: Staff of Life Edition

Yes, here at station W-EAT it's all wheat, all the time.*
From The Progressive Farmer's Market Matters blog:
...Reuters cited Rich Feltes at MFGlobal, who said he thinks wheat futures will get to $7. Feltes was quoted saying, "Structurally, everybody has been leaning the wrong way, and now you'll have every doctor and dentist wanting to own a piece of this (wheat market) now."... 
*When MarketBeat gets around to putting up a wheat post we should be looking for a lock limit-down day.
I asked nicely, on Friday and again today, "What about wheat?" the response?:
...In addition, the index has topped the 61.8% Fibonacci retracement of the decline from the April 26 high of 11258 to the July 2 low of 9614, which comes in at 10630. Fibonacci followers believe that as long as a rebound remains below the 61.8% retracement level, the previous downtrend remains intact...
I've nothing against Leonardo da Pisa, and some of his followers can hold their own, but come on, wheat just ran 67% in seven weeks!
(we caught around 40 of those percentage points)