wmeubank@ocp.kcmo.com
ING DERIVATIVES CLEARING
209 South LaSalle, Chicago, Illinois
(October 31, 1997) SOYBEANS: DEMAND BULL STILL–While the bean/meal export sales has been off from the blistering pace of the marketing year/near record high levels. The most recent report showed surprising resiliency, especially in the meal. We sold over 400,000 M/T's last week even with 350,000 M/T's canceled! And we sold 170,000+ meal. Demand bull. Granted the Asian financial troubles could impact demand but we're willing to say it may come down, not out. Keep in mind also we're doing very good demand business with no serious weather trouble anywhere in the world yet (actually corn and wheat demand has been “hurt” by the benevolent weather). Our downside buy objective in the November has been $6.75-$6.70. However, we must now turn to January as November comes into delivery month which translates to $6.82- $6.77 currently.
John W. Kleist
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