BRADFORD & CO., INC.

330 Commerce Street, Nashville, Tennessee

(October 16, 1997) WHEAT: There is little news in the wheat market as corn and soybeans have been getting “center stage” attention. Planting is 76 percent complete compared to 58 percent last week and 71 percent for the average. Forty-seven percent of the crop has emerged and is slightly ahead in development. There were no “startling” revelations in the Crop report as production rose slightly to 2.527 billion bushel while ending stocks were lowered to 665 million bushel because of an increase in feed consumption. If the price of corn continues to move higher, more wheat will likely find its way into feed rations. Export inspections were below expectations at 21.0 million bushel. December wheat has been unable to exceed last week's high at 374 and appears to be in a correction from this level. Support should be found near 363-360. Seasonally, the market should move higher at the end of the month and prices should be watched for a lower as early as the 21st. A rally above 374 will focus on an advance to 398-405.

Dewey Strickler

Grain and Oilseeds Index
Soybeans
ALLENDALE, INC. | BRADFORD & CO. INC.
COMMODITY REVIEW AND OUTLOOK | COMMODITY RESOURCE CORPORATION
GLOBAL ASSET MANAGEMENT | ING DERIVATIVES CLEARING | PRUDENTIAL SECURITIES, INC.
TAURUS COMMODITIES | THE WINDY CITY TRADER
Wheat
ALLENDALE, INC. | BRADFORD & CO., INC.
COMMODITY REVIEW AND OUTLOOK | COMMODITY RESOURCE CORPORATION
GLOBAL ASSET MANAGEMENT | ING DERIVATIVES CLEARING | PRUDENTIAL SECURITIES, INC.
Corn
ALLENDALE, INC. | BRADFORD & CO., INC.
COMMODITY REVIEW AND OUTLOOK | COMMODITY RESOURCE CORPORATION
GLOBAL ASSET MANAGEMENT
ING DERIVATIVES CLEARING | IRA EPSTEIN & COMPANY | PRUDENTIAL SECURITIES, INC.
Consensus National Futures and Financial On Line Index

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