BUZZ-Agribiz ETF looks to plow higher

** Market Vectors Agribusiness ETF gaining momentum as its breakout from a near-year-long bear channel progresses

** MOO up 4.73 pct WTD, its best weekly gain in nearly 4 years; ETF up 5.7 pct YTD, outperforming S&P 500 3.2 pct gain. Chart: http://tmsnrt.rs/1XJ4Xto

** MOO strength now underpinned by developing base breakouts in key grain commodities: CBoT corn, soybeans, and wheat rallying 6-12 pct WTD, although CME live cattle remains depressed

** Grain strength buoying farm equipment and fertilizer constituents: within top 10 holdings end-of-Mar, Deere rallying 10 pct WTD, Kubota up 7 pct, Potash up 10 pct, and Agrium (Toronto: AGU.TO - news) up 4.4 pct

** MOO channel breakout in early Mar viewed as bullish; focus still on $49.35/$49.84 followed by $51.30; through here can aim at 2011 and 2015 peaks in high $50s

** MOO/SPX ratio attempting to inflect higher and penetration of resistance line will add credence to turn; lead to acceleration

** ETF reversing below $45.37/$44.40 support, however, will suggest a failed breakout, and see MOO instead threaten sub-$40 levels (Messaging: terence.gabriel.tr.com@reuters.net)