wmeubank@ocp.kcmo.com
COMMODITY REVIEW AND OUTLOOK
195 Route 6A, Suite 6, Orleans, Massachusetts
(March 26, 1997)
WHEAT:
While wheat has primarily been a follower in this rally, some analysts
expect that wheat plantings will be down sharply from last year. Weather
has also been a problem in wheat growing areas. Hard red (KC) has been
dry, soft red (CHI) flooding, and spring wheat in the north (MINN) may
encounter planting delays or flooding due to heavy snowfall. Exports have
been so-so, but commercial short-covering has been seen prior to the release
of next week's USDA report. Traders might buy May wheat in the mid 380's
with stops of 5-10 cents. Objective is the 425 area. Traders should also
consider buying July (new crop) in the 375-385 area. Look for a move to
400. Option traders should buy May or July calls on pullbacks.
M. Stephen Morgan
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Last updated on 04-14-97
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