The primary wheat exchanges over this past weekend agreed to double the daily lock limit for wheat from 30 cents/day to 60 cents/day. If prices stayed at the 60 cent lock limit up price, the lock limit would increase to 90 cents when trading resumes tonight for evening trading. If wheat prices lock limit up again tonight, then the lock limit will increase tomorrow night to $1.20, etc.
Fortunately (and mercifully) for short traders, prices have begun trading again in an amazing feeding frenzy (no pun intended) of volatility. Here are the 15-minute, 3-minute, and tick charts for wheat for the first hour of trading this morning. Conceivably, prices could still rebound to the lock limit price, so hold onto your hats for a wild ride in wheat today!
Monday, February 11, 2008
Wheat: Hold Onto Your Hats!
