wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway, McHenry, Illinois
(November 24, 1997) CORN: The chart objective at 265 remains in tact. Sell rallies for now. Key support is 270. Long term, we will look to reverse to a long position as world stocks remain below 1996 levels and there is always El Nino. Producers should be 100% sold at 299 basis March hold and either sell cash when the basis improves, or roll hedges out to May/July when a storage premium is present.
Bill Biedermann
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