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THE PACIFIC COMMODITY LETTER
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360-289-9441(March 26, 2000) ORANGE JUICE: May frozen concentrated orange juice continued to move higher and lower and lower and higher within a generally sideways channel, a slightly ascending triangle with 87.50 at the upper line and about 82 cents at the lower line. Breakout theory candidate? Yes, it could work here. This past week prices moved from 86.50 to 82.50, Monday to Friday. Stochastics are bearish in all time frames; moving averages (9- and 18-day) crossed last Monday. Was that a cycle down signal last Monday when the close 84.55 was 185 points below the high? Quite possibly; a low to medium "standard" existed. Direction: neutral.
On the fundamental front, China and the United States Department of Agriculture have agreed that wheat, meat and citrus may be imported by China; the citrus from selected counties of Texas, Florida and California. Canker-plagued citrus growers, especially in Dade County, hit hard, may get low interest loans from the Feds. Both news reports are supportive.
Martin B. Miller
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