wmeubank@ocp.kcmo.com
BARNES BROKERAGE CO., INC.
30 S. Wacker, Chicago, Illinois
(November 12, 1997) CORN: December corn continues to disappoint registering lower highs and lower lows for the 4th consecutive week, culminating today in a 5-week low close at 274.
USDA November Crop Report
USDA Average USDA 1996 Nov 10 Estimate Oct Final Corn 9.359 9.348 9.312 9.293 Carry-Out Today's October 1997-98 1997-98 Corn 0.928 0.781
The culprit, ironically is China who in spite of a drought ravaged crop, continues to be a strong corn seller. We don't expect this to last forever, but for the while, must respect this trend and suspend any further buy recommendations. However, with nearby bean contracts pushing their seasons highs, we can't become too enamored with the short side either–and will go to neutral as a result.
William D. Moore
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