wmeubank@ocp.kcmo.com
COMMODITY REVIEW AND OUTLOOK
195 Route 6A, Suite 6,
Orleans, Massachusetts
(June 11, 1997) WHEAT: Rain in Texas and Oklahoma is delaying the harvest there. Short-covering by the funds has also been a feature. Exports were supportive. Talk that the harvest lows are in brought in some new buyers, but carryover selling, from the beans has been a negative. There have been a few reports of disease problems, but the market reacted with indifference.
RECOMMENDATION--Buy the dips basis July. There is plenty of support as 350 is approached, so aggressive traders might buy July wheat on 3-7 cent dips from current levels or on breaks to the low 360's with stops of 5-10 cents. Longer-term bulls might hold out for a rally to the 380's, possibly higher. Support exists in the low 350's, 346-347, 340 and 335. Resistance remains near 372, 376, 385, 395, 405 and 414.
M. Steven Morgan
Added to the WWW 06-14-97
Last updated on 06-14-97
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