ALLENDALE, INC.

4506 Prime Parkway, McHenry, Virginia

(December 5, 1997) CORN: Our price objective has been 2.65 basis December and 2.75 in March for a very long time. With the large long spec position and no current growing threat in the world, we see little reason to buy. Longer term, we will buy as we see corn trading as high as 3.20 in order to “buy spring acres.” Thus hold shorts for now. Look for a bottoming formation before new years.

Bill Biedermann

Consensus National Futures and Financial On Line Index

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