Wheat; Dec09 was up 4 cent overnight.
Support by
- lower dollar index and outside market.
- Speculate money pour on wheat contract.
- Export inspection inline with estimated at 17.8 million bushels from last week 22.2 million.
- Australian wheat will goes up to 22.2 - 23.5 million tonnes.
- World ending stock quite high from last year, USDA estimated wheat ending stock at 864 million above estimated at 802 million.
- Price moving to 510 level. I think wheat price will moving around that level cause yesterday price increase sharply so at that level some trader will lock their profit.
- No reversal singnal.
- price would rise to resistance level at 510 and 551 cent.
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