Gentlemen,

 At 4:30 pm today, we will be reviewing and requesting your approval to 
establish Softs trading on EOL.  Attached is a presentation prepared by 
Darren and Trena for your review.  (A hard copy will be delivered to your 
office this morning.)

 I'm not sure if additional approval is required beyond your authority.  But, 
please be aware that once we start building this business it will be somewhat 
difficult to quickly terminate.  Further, I'm not including this business or 
the Softs brokerage business in the March 31, 2001 "go or no-go" decision for 
building a general ag business.

Regards,

Gary


Approval: -------------------------------------- 
------------------------------------
  Mike McConnell   Jeff Shankman