Props to our buddy Pharmer, who called this one on the correction a few weeks back.
Rice was the last shoe to drop in the grains correction, and the first to be roaring back out of the gate.
I just had one contract filled at 18.98, and rice is currently sitting at 19.05 - basically an all-time high.
Rice has doubled in the last year, but we'll see how much room it has left to run. I'll probably look to add a contract or two on continued strength.
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3 comments:
Thanks for the shout out, but I can only take so much credit I'm afraid. I will be the first to admit that I completely didn't foresee this juicy bit o' good news... I would link here, but I don't think I can. Anyways, it's to the USDA website where they publish their World Agricultural updates of supply and demand. It just so happens that on the March 11 report they showed that there was going to be a short supply and surging demand for US rice. Like I said, I thought it was going up before that, but this certainly helps!
Brett - quick question. I actually stayed in my RRK8 contracts from before the correction, turned out to be a lucky call. I'd say good, but let's be honest, the smart move was to exit. Anyways, I'm legging back into this thing too, but obviously more conservatively now. As a general rule, what are your entry increments on contracts that you stagger into? Just curious.... Thanks again for the shout!
-Kyle (Da Pharmer)
P.S. It's not "urban slang", I'm actually a pharmacist from a farm state... seemed catchy.
Hey Pharmer - glad to hear you're still in it. That's a big weak point for me - I often end up pyramiding too much towards the end of moves...not good to pyramid your losses :)
For rice, I'm trying to do it early. I actually added another contract tonight since it's limit up another 50 cents. My goal would be to add one or two more contracts in these early stages, and then let it ride a bit, moving the stop up.
Of course - that's the plan, and it's easy if it goes straight up!
Silver maybe starting another move
Ken
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