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SIEGEL TRADING COMPANY, INC.
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(March 21, 2002) SOYBEANS: MAY SOYBEANS--Following the recent run to a six-month high, the past week saw futures mount a minor retreat, as reports of good harvesting weather in South America and lack of progress with Russia on solving the import ban on U.S. poultry elicited some cause for concern. Early anticipation in front of the upcoming USDA prospective planting report was also apparent, especially after some estimates placed the 2003/2003 acreage at 75.98 million, which was up from 74.1 million last year. We expect traders to mark time until these critical numbers are released, with prices potentially pulling back towards $4.42/bu.

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