TIME TO TAKE PROFITS ON GRAINS JJG
Technical action in soft commodities today may signal a shift in the up momentum. We will take profits on our iPath DJ-UBS Grains TR Sub-Idx ETN JJG position right here around $53.50
January 19, 2011
Technical action in soft commodities today may signal a shift in the up momentum. We will take profits on our iPath DJ-UBS Grains TR Sub-Idx ETN JJG position right here around $53.50
Adding to our short position on General Mills around $37.10. Earnings today were good and the company did a commendable job of managing its raw material cost. However, our short thesis is based on macro level pricing for grains. The thesis is intact as evidenced by spike in
Heat waves are common in the fertile wheat belt stretching from Siberia to the Black Sea. As such the wheat market pays attention to the droughts in Russian wheat belt. Droughts develop slowly, and in general, markets tend to discount them rationally. News last week of a heat wave