Wheat -- the manic-depressive grain!

During these extremely volatile days of trading in the financial markets, I have often thought that the stock markets are manic-depressive, as traders alternatively create conditions of frenzied buying and selling. That's not just a stock market phenomenon.

Well, remember the rocket rise in wheat yesterday? That was the manic nature of wheat. Today, we see the depressive nature of wheat, as it plummets just as fast (see charts above)! This chart shows this plunge, just as yesterday's chart shows the wheat rocket attack.

And remember that all this is occurring within the backdrop of a recent bull market in wheat and longer for the other grains (see the smaller chart at right of the daily chart and the wheat bull of the past few weeks).

The soybean bull has been going since October 2006, more than 14 months! Expect the buying to resume!