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Mid day market comments

Agriculture.com Staff 10/11/2007 @ 10:45am

It has been a nice rally since the "big break" in prices and now prices are approaching some tough resistance areas, according to Jason Ward, Northstar Commodity Investment Co.

In corn, Dec 07 will see resistance at the $3.51 price level, and Dec 08 will see resistance at the $4.01 price level. July 08 will see resistance at $3.87. Weekly closes above these levels will confirm that the FALL LOW is in.

Soybeans are in their chart gap which is from $9.73 - 9.90. Overnight we settled at $9.71. Support will be at $9.58.

Wheat has shown some resiliance this week bouncing well off the weekly lows. To turn bullish to this market again we would need to close higher for the week, which would be above $8.88. Overnight we settled at $8.64 so we have some work to do, but we are trading 30-cents off the weekly lows we saw just Tuesday night.

More exports announced overnight are as follows:
Corn
4 million sold to Japan
3.9 million sold to Israel, with them tendering for another 1.8 million from someone.

Wheat
3.6 million sold to Iraq
5.3 million sold to Japan

Morocco is in tendering for 18.3 million bushels of wheat, the market has known about this for a few weeks, but the tender was just announced this morning. It is expected that Europe will get this sale or Russia because of freight rates, but nothing is certain.

Today will be another day of position squaring before the big USDA report tomorrow, with export sales also out tomorrow because of the Columbus Day holiday on Monday.

It has been a nice rally since the "big break" in prices and now prices are approaching some tough resistance areas, according to Jason Ward, Northstar Commodity Investment Co.

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