Sell wheat, sleep in the street. Really?

Market Pulse for March 12

While on the floor of the CBOT I heard this comment numerous times. Must have been traders with bad timing. Last week May 2013 Wheat opened at $7.22 and closed the week at $6.97. Friday’s WASDE had a minor bearish look and the doji candle for that trading day confirms uncertainty in the report. This week so far we have seen tight price action near $7.00.

Interesting view on the ten largest wheat producers and consumers below from the USDA as of 2011/2012.

Rank

Country 

Production (1000 MT) 

 1

 EU-27

 133,486.00

 2

 China

 117,000.00

 3

 India

 85,930.00

 4

 United States

 56,514.00

 5

 Russian Federation

 56,000.00

 6

 Australia

 25,000.00

 7

 Pakistan

 24,000.00

 8

 Canada

 21,000.00

 9

 Ukraine

 21,000.00

 10

 Turkey

 18,500.00

     

Rank

Country 

Domestic Consumption

(1000 MT) 

 1

 EU-27

 126,500.00

 2

 China

 112,000.00

 3

 India

 84,700.00

 4

 Russian Federation

 41,300.00

 5

 United States

 34,469.00

 6

 Pakistan

 23,400.00

 7

 Egypt

 18,300.00

 8

 Turkey

 17,900.00

 9

 Iran, Islamic Republic

 15,000.00

 10

 Ukraine

 12,000.00

Proceed to Page 2 for the latest COT Data...

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