wmeubank@ocp.kcmo.com
BRADFORD & CO., INC.
330 Commerce Street,Nashville, Tennessee
(December 11, 1997) WHEAT: There were no major revisions by the USDA in the Supply/Demand report for wheat. Imports were lowered by 5.0 M.B. which resulted in a reduction in ending stocks to 650 M.B. A marginal increase was made in world production which resulted in ending stocks being raised to 129.25 metric tons. Increases in production came from Argentina, Australia, and Canada. Export inspections were in line with expectations while sales totaled 15.6 M.B. March wheat rallied to 365 this week from where the market turned lower and is attempting to challenge last month's low at 349.5. Unless we rally above 365, a decline to 343 is expected with a bottom due around December 19th, 26th, or possibly January 7th. July wheat appears to be headed lower to 358 with 347 the extreme from where a major low is likely.
Dewey Strickler
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