wmeubank@ocp.kcmo.com
ING DERIVATIVES CLEARING
209 South LaSalle, Chicago, Illinois
(October 31, 1997) WHEAT: TRADING RANGE–We can be brief on the wheat market; demand has been routine to the light side; “value” seems to come with the December roughly in the $3.50's, evaporates in the $3.70's. China's potential to buy 700,000 as a good will gesture not confirmed and really, their production doesn't require it. Weather in the U.S. great for winter wheat. Weather overseas neutral...no troubles really yet. Check our Australia so far. Not much to do then until something changes. We'd lean to buying December wheat in the mid $3.50's but exit the trade in the mid to high $3.60's all things being equal.
John W. Kleist
Commodity Consultant
Added to the WWW 10-31-97
Last updated on 11-01-97
Hosted by:
One Crossroads Place
610 West Maple Ave, Suite WWW
Independence, MO 64050
(816) 252-4080
sysop@kcmo.com