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COMMODITY REVIEW AND OUTLOOK
195 Route 6A, Suite 6,
Orleans, Massachusetts

(May 9, 1997) ORANGE JUICE: The fundamentals of OJ are fairly bearish, but they represent old news and it may be that the ample supply has been more than priced in. Consumption has been better than anticipated. Monday the USDA will announce Florida's production. It is likely that this report will be a non-event, as little change is expected. Aggressive long-term traders might buy July at current levels with 100-200 point stops, looking for a rally to the mid-low 8000's. Most traders should stand aside until it appears that a move of worth is on the horizon. Option traders might buy November sell July calls. New lows suggest a move to the 6500 level.

M. Steven Morgan

Consensus National Futures and Financial On Line Index
Food and Fiber Index

Added to the WWW 05-09-97
Last updated on 05-09-97

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