Wheat To Average USc575/bushel In 2012

Over the short term we see potential for a technical bounce in wheat as oversold momentum is unwound and general market conditions show tepid improvement. A break above USc640/bushel would see us target a temporary move up to Usc660/bushel. In the coming weeks, however, we expect wheat prices to ultimately edge lower as production from the Black Sea continues to come online and a large planting season is expected in the northern hemisphere due to high prices.

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