MONTHLY CONTINUATION CHART: The collapse in Wheat prices put pressure on the 76.4% retracement of the whole1999-2008 upmove.

But good support from the lower 434 2002 high has held nicely.

WEEKLY CONTINUATION CHART: This chart has, phoenix-like, come to life, violating certain obvious resistances - in particular the 38.2% area and former 730/740 lows.

Here, the former Nov-09 583.50 high offers next interesting support for the current setback.

In the event of another surge our focus would be on prior 952.75/961.75 highs and the 987.00 61.8% recovery level.

The interest is as much in this longer term chart as it is in the Daily chart now.

DAILY CHART - DEC-10:

The pullback following a dramatic surge higher found initial support from the 38.2% retracement area.

Lower supports of interest now are the 660.00 Nov-09 high area, and 566.00 76.4% retracement level. Note that this latter lies near to the Nov-09 high on the Weekly chart and good support is likely here, if not before.

Weakness is currently assumed to be temporary.