GLOBAL ASSET MANAGEMENT

575 W. Madison, Ste. 2607, Chicago, Illinois

(October 16, 1997) WHEAT: Wheat futures firmed up a bit during the past week as better demand and a strong rally in other grain markets helped spark a decent gain. Weekly export inspections were again decent, but with heavy supplies and a chance to buy cash wheat cheaper look for purchases to back off a bit and look for a break to buy. Australia also indicated this week that their crop estimate for the upcoming crop has been raised to the USDA figure which should further add worries that world supplies would be plentiful for a while. Overall, market internals remain mixed, but are turning weaker. From a technical standpoint chart action looks like a possible high has been made with the confirmation coming from any close below the $3.60 level. A close below $3.60 would project the market to at least $3.40. The trend in December wheat remains down, but would turn back up on a close over $3.73.

FUTURES STRATEGY–Short WZ at $3.90. Maintain a protective buy stop close only at $4.17.

OPTIONS STRATEGY–Short WZ $3.80 calls at $0.10. Maintain a protective buy stop at $0.22.

Tony Montini

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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