BARNES BROKERAGE CO., INC.

30 S. Wacker, Chicago, Illinois

(December 17, 1997) CORN: March corn was victimized last week by a neutral USDA report and mediocre Thursday exports when much more was expected out of both. These disappointments coupled with the aforementioned Asian crisis were enough to push the market down to the 270 level, its lowest level since early October.

The trend in March corn is obviously sideways-to-down but again we're reluctant to go the bear route because of El Nino. Also, there have been indications the Asia financial crisis may stabilize–in addition, drought problems with the South American corn crop are supportive. Stay neutral in this commodity until the first unless 2-week highs are violated.

William D. Moore

Consensus National Futures and Financial On Line Index

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