ING DERIVATIVES CLEARING

209 South LaSalle, Chicago, Illinois

(October 16, 1997) WHEAT: The wheat markets stuck in a rut and did not have the play that the corn and beans did (nor the relentless fund buying). But, we did see some better export demand when December was in the $3.50s (our “value” price) and by default, the corn market brightens the feed wheat incentive. However, wheat does not rally on feed along. Exports make the sizzle and we're not seeing as much as we'd like. Plus, Europe's got a ton of wheat to sell and lost a gamble on a drought in Australia (and China to a degree). With that and favorable winter wheat conditions here, buyers are in no rush to buy. Wheat's fortunes near term look tied to the corn pit. At $3.70 December wheat in Chicago, we're basically neutral.

John W. Kleist

Commodity Consulting

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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