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Wheat, Russia, Market Update & Rain Days 03/07/2022

May Chicago wheat did open up the 85 cent limit. One hour after the market opened, 5,300+ May contracts were traded. After two hours, 7,127 May wheat contracts traded. As of this mailing, 8982 contracts of May 2022 wheat have traded since the opening.

There are 1,389 May $18.00 calls open interest; 1,062 May $19 calls and 200 May $20 calls. The May $20 calls are trading at 32 cents per bushel. That means you can buy the right to buy May wheat futures at $20 for 32 cents. Or can let someone pay you 32 cents for the right to buy May futures from you for $20. No matter what happens, you keep the 32 cents.

 

Two years ago gasoline futures made the all-time low. Gasoline futures price made its all-time high today, taking out the 2008 high. Two years… What happened? Elections have consequences… It is true.

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