wmeubank@ocp.kcmo.com
COMMODITY INSIGHT
GENERAL COMMENTS
Prepared by Commodity Insight
Two weeks ago, I suggested to the subscribers of this newsletter that they should concentrate on probing the long side of summer month hogs and bellies in anticipation of a rise to new highs. Thanks to Friday's Pig Crop report, summer-month hogs and bellies will begin that journey with an upward jolt on Monday's opening.
The Canadian Dollar and wheat are two other markets that are likely candidates to stage major bull moves over the next six months. In terms of probability, I rate being long wheat and the Canuck as high as I would have rated being long-summer hogs and bellies several weeks ago. The Canuck and wheat are headed higher, it is just a matter of when both markets bottom and the upmove begins.
My upside target for December wheat between now and the end of the year is $4.25 to $4.95 a bushel. And as I have stated before, my upside target for the Canuck is 0.8000 to 0.8400.
Seldom is it possible to enter a market long before the bullish fundamentals surface. But those probing the long side of wheat or the Canuck in the days ahead are looking at just such an opportunity.
June 29, 1997Jerry F. Welch, Publisher
Commodity Insight
152 Ennis Lake Road, Ennis, Montana
Added to the WWW 07-05-97
Last updated on 07-05-97
Hosted by:
One Crossroads Place
610 West Maple Ave, Suite WWW
Independence, MO 64050
(816) 252-4080
sysop@kcmo.com