March-Minneapolis-Wheat peaked after price limits were removed for Monday's session. March-CBOT & KCBOT-Wheat should make their "final top" Thursday evening or Friday morning when price limits are removed for (FND) First Notice Day......if there's any open interest remaining, if margins aren't increased to 100% or if there are any financially solvent people who want to trade it. We'll see.
Wheat just went up $2 in 2 minutes!
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That goes along with my thesis of forced buying margin calls on wheat short positions yesterday, that is the only reason that you can explain those moves yesterday, it was not done by anyone rationally making decisions based on the wheat market. We've seen the highs for this portion of the wheat run, the short side is the smart money for the next couple weeks in wheat.
Just got the following from Uncle Sam:
Release: 5462-08
For Release: February 28, 2008
CFTC Statement on MF Global Wheat Futures Trading
Washington, DC â The Commodity Futures Trading Commission (CFTC) became aware of the MF Global situation on Wednesday and continues to be in close contact with the firm and the CME Group, which is the designated self regulatory organization for MF Global.
Ensuring the overall financial integrity of the futures markets is a critical component of the agencyâs mission. The CFTC can confirm that MF Global is currently in compliance with the agencyâs regulatory capital requirements.
In light of recent volatility in the wheat futures markets generally, the CFTC has been monitoring trading in these markets very closely and will continue to do so. Based on current information, the incident reported by MF Global appears to be an isolated event. The CFTC continues to gather information and monitor the situation.
Last Updated: February 28, 2008
Release: 5462-08
For Release: February 28, 2008
CFTC Statement on MF Global Wheat Futures Trading
Washington, DC â The Commodity Futures Trading Commission (CFTC) became aware of the MF Global situation on Wednesday and continues to be in close contact with the firm and the CME Group, which is the designated self regulatory organization for MF Global.
Ensuring the overall financial integrity of the futures markets is a critical component of the agencyâs mission. The CFTC can confirm that MF Global is currently in compliance with the agencyâs regulatory capital requirements.
In light of recent volatility in the wheat futures markets generally, the CFTC has been monitoring trading in these markets very closely and will continue to do so. Based on current information, the incident reported by MF Global appears to be an isolated event. The CFTC continues to gather information and monitor the situation.
Last Updated: February 28, 2008