eld charts - 8th august 2010, page-3

I agree with you re technicals. 53c has been very strong resistance on at least one occasion. Would like to see the big players gap it up above 53c so they sidestep that resistance.

I am curious about the wheat issue though and how it impacts Elders. Elders is not a wheat reseller like AWB, so any short-term improvements in price of wheat won't instantly affect Elders bottom line. Impact of higher wheat prices on Elders should be indirect as it increases demand for cropping supplies like pesticides, fertilisers, etc which are sold by Elders. Higher wheat prices mean farmers have more money in their pockets and so are better able to afford cropping supplies.