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ING DERIVATIVES CLEARING
209 South LaSalle, Chicago, Illinois
(October 3, 1995) CORN: PINCH POINT COMING–December corn is set to move out of its current range of several months. The Quarterly Stocks report indicated a better feed demand and with the numbers we're seeing for cattle/hogs/poultry, we believe it. The last couple Export Sales reports, one at over 1.2 mln. m/t's, indicates the rollover for demand is improving there also. But it's harvest time. And the yields are better than expected with the production nudging up to possibly 9.3-9.4 bln. bu. We've been more negative the demand than the supply and recent demand has tempered that a bit. But the extra production may tip the scales over for one more move lower. We recommended maintaining short positions in the corn. Our near-term objective has been $2.50 to 2.40 and so far, no reason to change it.
John W. Kleist
Sagamore Partners, Inc.
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