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ING DERIVATIVES CLEARING
209 South LaSalle, Chicago, Illinois
(August 22, 1997) WHEAT: EXPORTS CONSISTENT IF NOTHING ELSE–The wheat market has held in times of corn/bean weakness and rallied when left to its own devices. Granted, it hasn't really gone anywhere price-wise and a sideways affair for the last several weeks. But it still seems a demand base is what we're dealing with and while barely noticeable, price have been making higher lows and higher highs consistently. Again, nothing major. That's probably due to the last USDA report with higher production and higher carryover stocks than expected. It helps keep a lid on the bullish temperament. In China, while the crop experts keeping downgrading the corn there, their wheat production conversely looks impressive and large. Another “governor” on the rallies. 'Course they may have to feed that wheat if the corn prompts imports. What now then? We'll hold to our last letter's slow bull grind and potential to the $4.00-$4.10 area in the December. Be very mindful however, of the moving averages underneath this market. Funds are long. A close under $3.60 could be the start of a major correction.
John W. Kleist
Sagamore Partners, Inc.
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