wmeubank@ocp.kcmo.com
ALLENDALE, INC.
4506 Prime Parkway, McHenry, Illinois
(December 12, 1997) SOYBEANS: USDA left the ending stocks unchanged. They did not change any exports. Even today's export number is not large enough to make us think USDA will rush to raise it. Currently we are at the same sales pace as last year. If we keep on track, we should come in just about in line with their estimate. If sales slip when South America comes on line, then there is no reason to raise U.S. exports. Prices have fallen back to key support and with ideal weather for Brazil (who said they were in a drought?) we expect the support will be taken out. Meal has also taken out support. We sold futures this week and own puts. We plan to reverse to a long position and use the puts for equity management but see no reason to do this now.
Bill Biedermann
|
|
Hosted by:
One Crossroads Place
610 West Maple Ave, Suite WWW
Independence, MO 64050
(816) 252-4080
sysop@kcmo.com