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CORE FUTURES
101 First Avenue, Sand Point, Idaho

(March 11, 2002) SOYBEANS: The soy complex continued from the previous week's strength. Starting the last week of February the seasonal tendency is up and we have had a technical breakout in the beans. Meal continues to gain on oil, which will keep this baby bull run intact. The entire grain floor held monthly support and bounced as would be anticipated.

The soy complex is also approaching near term resistance. While this action has me friendly, the beans will need to get past 475 and the meal 160. I would expect beans to stall between 475 and 482 July and the highest I see July meal is 167 near-term.

Key levels--SN 463 & 475-483

SMN 1540 & 1600-1670

BON 1625 &1720

J. Mark Kinoff
www.corefutures.com
email: kinoff@corefutures.com

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