I've been watching a grain index ETN, JJG, bounce off an invisible bottom at around 33 for the past year and a half. A couple of months ago it started to rise sharply. Now I discover why. It's wheat. Wheat futures are soaring because Russia has been experiencing the worst drought in 100 years. Wheat fields are actually catching fire and burning.
Yesterday Putin announced that all wheat exports until the end of the year are canceled. Even existing contracts are not being honored. Near term wheat futures were up limit yesterday.
My beaten and bruised MON Jan 11 and Jan 12 LEAPS, also known as the Long Call Position of the Sorrows, have actually started to wake and move. Is it too much to hope that my SSW and DSX might also benefit? If the Old World can't buy wheat from Russia, it must buy it from overseas, and they don't ship wheat in airplanes.
I am buying AGU, CF, ADM, POT, and CAT at the open. On margin.