yup - could be consolidating at these levels before the next leg up.
The USDA projects that in 2007/08:
1. Worldwide imports of wheat will increase by 4.4 million MT to 113.5 million MT
2. Canada's supply will DROP 10% to 18 million MT
3. Australia will export 14.5 million MT, up from 10.5 million in 2006/07.
Essentially, most of the increase in world demand for wheat will be met from Australia!
day chart, page-2
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