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BARNES BROKERAGE CO., INC.
30 S. Wacker, Chicago, Illinois
(August 13, 1997) CORN: Who is that guy? Thought we had a bear but a bull emerged in early July and now we can't stop him! For the second time, in as many weeks, December corn opened limit bid, this time off the USDA Crop report. Three- year lows in early July ($3.25) and dry pockets during pollinization forced the issue. We could have used a record crop this year with the monster demand we have.
With carry-over projected lower for next year, El Nino in the air and the market in the mid $2.00 range, we have to be a buyer. Go with 15-20 cent breaks off the top using 15-cents stops. (You producers were right all along–and the USDA, of all people, confirmed it–the crop isn't there!)
William D. Moore
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