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ING DERIVATIVES CLEARING
209 South LaSalle, Chicago, Illinois
(August 22, 1997) SOYBEANS: SUPPORT HOLDS–As in the corn, weather uncertainty remains a supportive factor. Unlike the corn however, the beans have more going for them and that's exports. While the last Export Sales report was extremely low and put out a cautionary demand flag, as was well the following week with a respectable bean number and a very large meal sales number. Demand bull right into a supply bear. A record crop seems on track for the beans though the cool wet temps; talk of early frosts etc. distracts the bears from that. There's not much more to elaborate on unless one wanted to press all the unknowns and all them potential this and that one sees from the touts. Our basic premise remains to buy breaks in the $6.00 area and treat as a trading affair from the long side basis “value.” Plenty of “air” in the November to $6.60 or so. Risk also fairly well defined.
John W. Kleist
Sagamore Partners, Inc.
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