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BARNES BROKERAGE CO., INC.

30 S. Wacker, Chicago, Illinois

(October 15, 1997) CORN: December corn has been equally impressive rallying forty cents in that same eight-day interval (255-295), also reaching 6-month highs in the process. Corn harvest is 27% complete (24-average). We find it somewhat overwhelming that the quickest, most powerful rally of the year would take place at seasonally, the weakest time of the year with well over one-half the harvest due.

October- USDA


		October	  	Avg	Sept	1996
		USDA	  	Est	USDA	Final
Corn		9.31 BB	  	9.401	9.268	9.293


Carry-Out


		Oct			Sept
		1997-1998		1997-1998
Corn		0.781			0.864


BB–Billion bushels.

Surprisingly, in one of the most bullish aspects of the USDA report, the USDA lowered the corn carryout by 10% (864- 781). Some say we need over 10 billion bushels next year just to keep our heads above water.

China's drought, El Nino, low stocks, big demand and corn still under $3.00–What's not to like? Go with this market on 10-15 cent breaks, using put option stops.

William D. Moore

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