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(March 7, 2002) WHEAT: You got a little up, then you got a little down, then you got an unchanged close. The last USDA report showed U.S. wheat stocks at 671 million bushels. Current guesses are for 671-696 million bushels. A number outside of that range could be market moving, but otherwise is more or less a non-event. The rise in stocks is a reflection of the slow pace of exports. Otherwise, traders continue to watch the problems in Argentina, with talk that the crop conditions in the Plains are on the decline adding support as well. The chart suggests a low is in place, but I see this as strictly a technical bounce, if it occurs.

M. Steven Morgan
www.commodityreview.com

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