wmeubank@ocp.kcmo.com
COMMODITY RESOURCE CORPORATION
P.O. Box 8700, Incline Village, Nevada
(November 12, 1997) CATTLE: OUTLOOK–Considering the fact that everyone seems to be bearish cattle, the cash market has put in a remarkable performance; trading close to the high prices of the year. The USDA tells us there are big numbers of cattle coming, and the common wisdom is big supplies = sharply lower prices. Common wisdom is not always wisdom which will enrich you. Due to good demand, I'm not quite as bearish as the pack and would rather take a wait and see attitude over the coming months. Let's see how these bigger numbers affect the market before we give up on it.
STRATEGY–FEEDERS: At current oversold price levels in the futures, I am not recommending buying price protection at this time.
COW/CALF OPERATORS: We are out of all short feeder futures. Weaker corn will only help this one.
TRADERS: We suggest a sidelines approach at present, however continue to search for a longer-term buying opportunity.
George Kleinman
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