wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway, McHenry, Illinois
(November 24, 1997) SOYBEANS: We added to the short position today and remain short. Beans remain well over the 640 economic value assessed by USDA. We are following a moving- average system and we will remain short as long as the trend is down. There are gaps on the day chart at 700 and in the 684 area. We will get long when prices are closer to economic value as we believe that producers must have some form of low risk ownership this year in case El Nino kicks in.
Bill Biedermann
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