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MARGRAF ON THE MARKETS
27253 Timberlane,
Monee, Illinois

(June 12, 1997) WHEAT (CBT, KC): HIGHLIGHTS--USDA reports that April's frost damage had less negative production impact than widely expected triggered wheat sharply lower today. 

		Technical Analyses

Trends             	Futures CBT
Long-Term 	V-Top   Close     	353 (-3)
Intermediate   	Down 	Resistance     	372
Short-Term     	Down 	Support   	352, 351

Trends             	Futures KC
Long-Term 	V-Top   Close     	376-1/2, 383 (-6 1/2)
Intermediate   	Down 	Resistance     	396
Short-Term     	Down 	Support   	375
FUNDAMENTALS--BULLISH: The latest FAO forecast projects world wheat production down 1.1%. Australia needs moisture.

FUNDAMENTALS--BEARISH: Export demand lags. Improving U.S. weather helps potentials for the 1997 crop to expand.

RECOMMENDATIONS--(For KC wheat, use equiv. price orders)--POSITION RECAP: (CBT) Short 5/2 at 416 support violation ("sv"); added at 401 on 5/12 sv; added at 394 on 5/16 rec.; added at 375 on 5/23 sv; added at 362 on 5/28 sv; added at 356 on 6/4 sv added at 364.

NEW: (CBT) Sell at 349-stop. Exit at first signal (trailing stop, parabolic or Margraf Exit Rule #2).

Ernest Margraf

Consensus National Futures and Financial On Line Index
Grain and Oilseeds Index

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Last updated on 06-14-97

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