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** Market Vectors Agribusiness ETF rally turning moresignificant as it exits its bear-channel to the upside Chart: http://tmsnrt.rs/1R0zy0m
** Appeared that snap back off Jan 20 low was just anoversold reaction, but now thrust above near year-longresistance line suggests sustainable turn in trend
** Since Jan 20 lows, MOO mounting strong 15-pct riseputting it up 1 pct YTD; outperforming both S&P 500, down2 pct, and S&P materials sector up 0.65 pct
** MOO strength underpinned by bull turns in number ofbeaten down fertilizer constituents including Mosaic, up12 pct YTD, and Tyson Foods, a top-4 holding end-of-Feb,up 23-pct YTD, flirting with all-time highs
** Key commodities yet to move; grains aswell as live cattle still depressed on multi-year basis
** Nevertheless, MOO channel breakout viewed as bullish, andMOO/SPX ratio penetration of resistance line will add credenceto turn
** ETF can now challenge $49.35/$49.84 followed by $51.30resistance, and through here can focus on levels in the high$50.00s again
** Reversing under $44.82, however, will suggest a failedbreakout, and see MOO instead threaten sub-$40.00 levels
(Messaging: terence.gabriel.tr.com@reuters.net)