wmeubank@ocp.kcmo.com
BARNES BROKERAGE CO., INC.
30 S. Wacker,
Chicago, Illinois
(June 11, 1997) CORN: Both old- and new-crop corn seem to be mired in a tight trading range, not responding in kind to any sharp rallies or breaks in its sister markets, soybean and wheat. The $2.50 level in December corn seems to have stopped the bleeding as the market has not made any new lows in the past 2 weeks after 2 months of down trending. The previous contract low (249-3/4--5- 15-95) seems to be holding the market. Iowa's crop looks good at this early stage--overall, good to excellent increased to 65% from 60%.
Stay with old crop/new crop for another week--go with December corn on an upside break-out over 2-week highs.
William D. Moore
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