wmeubank@ocp.kcmo.com
TAURUS COMMODITIES
133 W. Boscawen Street, Winchester, Virginia
(December 5, 1997) SOYBEANS: The technical picture has deteriorated greatly since our last issue as the rally last week gave way to now short- term cyclic lows. Fund selling as a result of bearish export sales data from the USDA appears to poise the market now for a test of 1997 lows about 620.
SOY OIL–With prices reaching the lowest level since mid-October, as a result here too of heavy fund selling, it appears we will soon see sell signals with a target of around 20 cents based on the support trendline connecting 1995-1997 monthly lows. Only a close above the November highs would alter this new bearishness in soy oil.
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