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Wheat is Coming to Life

|Includes: PowerShares DB Agriculture ETF (DBA)
Just a little note to let you know that my recommendation to buy December wheat (WZ09) is showing signs of life (click here for my initial call ). The perfect weather couldn’t continue forever. That was a mathematical certainty. The freezes this week started in Minnesota, moved over to the Dakotas, and have gone as far south as Iowa. Although it hasn’t affected the wheat crop as much as corn, since wheat is mostly in the silo, the change in the weather is a reminder to traders that this is not a one way trade, and it is time to cover shorts. It could also be that the strength in gold, silver, and the currencies means that the global liquidity tidal wave is reaching the further corners of the financial world, like the ags. Whatever the reason, the charts for all the grains appear to have bottomed and it may be time to start scaling in longs. And check out the ag ETF, the DBA.