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800-634-3194(March 15, 2000) WHEAT: Talk of increased precipitation weighed on the wheat recently, but I suspect the real story was just a bit of profit-taking after the recent rally. Funds were moderate sellers. Most of the precipitation is expected to fall in Kansas and parts of Colorado and Oklahoma, but the problem with dry weather has been most significant in southern Oklahoma and Texas. I suspect a dip is possible due to the precipitation, but if the areas most affected are missed, would expect to see buying appear once more. On the positive side for wheat, there is talk that sanctions against Iran may be lifted, and this could eventually lead to wheat exports to Iran.
M. Steven Morgan
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