RARE PHOTOS: What do oats know exactly | Rare Historical Photos

• Whenever the subject of trading oats comes up, I'm reminded of what my late friend Gary Wilhelmi told me about the pit trade in Chicago. 
• Technically, I'm not seeing a bullish reversal pattern on the Dec24 weekly chart, but things can change quickly. 
• Fundamentally, the oats market doesn't have reliable reads, but what we can see is not bullish. At least not today. 

I had a question come in about oats this week. Before I dive into the discussion, the subject of oats always brings to mind a couple things. First, back when I had the opportunity to talk with the late Gary Wilhelmi every day, he often told me the story about life in the Chicago Board of Trade oat pit. Reportedly, the pit was run, in Gary’s words, “by one of the meanest guys on the floor”. He and his compadres would wait for an unsuspecting trader to place an order in the oat market, then rip the newbie to shreds like a young calf that accidently wandered into a piranha-filled river. This story always took me back to my days as a broker in central Kansas when, inevitably, a customer would come in wanting to outsmart the corn and wheat markets by trading oats. Why? Because of the second thing that comes to mind: The silly old saying, “Oats knows where corn goes”. As I’ve pointed out numerous times over the years, this gets said more often when oats are rallying and corn is selling off. Because, as you know, everything always has to be bullish for corn.