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Wheat - 13 cent short covering from last week’s
CBOT, feb 17, 2005
After seeing contract lows matched last Wednesday we saw funds carrying a record short position in March buy out taking March up to four week highs of 2.02 before commercials heavily long began to sell. This is what is going to keep corn in a fairly tight range, as funds buy the breaks, commercials sell the rallies. The best case on the upside is 2.10 resistance but I don not expect anything higher into months end over 2.06. If we are going to fill the chart gap to 2.06 it looks to occur Monday to Wednesday next week, if next week’s weather in South America is dry again pushing beans sharply higher dragging corn with it. Without a dry forecast we will trade between 1.95 and 2.02 into Wednesday.

Our 13 cent short covering rally from last week’s low to this week’s high was short lived as producers holding old crop in storage took it to town for cash leaving cash prices to slide taking March futures with it. 6 cent losses were seen at mid-session. They broke through 2.95 support making new support at 2.90 then 2.84. We need a close over 3.07 to turn bullish on the charts and that is not likely with our generally weak demand and forecasts for good moisture the next 10 days across our dormant winter wheat states.
MGR Archive 17.2.2005
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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