wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway, McHenry, Illinois
(November 24, 1997) SOYBEANS: January beans took out key support at 714 and the weekly chart looks very bearish. Allendale was just finishing 1998 outlook projections for all grains and oilseeds. However, with the recent decline in wheat prices, it appears that the Northern Plains will opt for more beans versus wheat. If we have great weather in 1998, it will be more bearish. However, if we have an El Nino disaster, it will not matter as demand is so strong that the market would need to explode in order to ration. We remain very short right now. We will get long when prices are closer to economic value. Buy bean oil.
Bill Biedermann
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