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The Allendale Wake-Up Call

RSS By: Paul Georgy, AgWeb.com

Paul Georgy serves as president/CEO of Allendale, Inc., a worldwide agricultural advisory and research firm that provides agricultural commodity price research and risk management alternatives for producers, major food companies, international corporations, foreign governments, and major news vendors.

Dollar Higher, Grains Lower

Feb 21, 2013

Good Morning! Paul Georgy with early morning comments for February 21, 2013 at 5:05 am. Grains are lower as traders take profits in soybeans. The continuing liquidation in the metal and energies along with the strong US #Dollar are providing the resistance. Talk continues to circulate that #China has purchased 5 to 10 cargoes of #soybeans since their return from holiday. Possibly to fill immediate needs as Brazil’s load out backlogs increases. Brazilian port workers are planning a nationwide strike on Friday morning and Tuesday afternoon. Weekly ethanol production data will be released at 10:00 am today. Export sales will be delayed until Friday morning due to Monday's holiday. Traders are saying China bought 350,000 tonnes of US wheat this week while newswires report China buying an additional 500,000 tonnes from Australia and Canada in recent days. The low price of #wheat is attracting a buyer. Ag Secretary Vilsack has written a letter to congress outlining the closures at the end of the month if sequestration occurs. He is suggestion a furlough of meat inspectors and food assistance program. The Ag Forum starts today in Washington DC where the USDA is not expected to release their 2013/14 information until tomorrow morning. Economic data out at 7:30 could have an impact on trader’s attitude. Watch for the release of weekly jobless claims and the US January CPI this morning. Newswires were reporting that a hedge fund was liquidating their holding in metals and energies to cause yesterday’s sharp selloff. Cattle futures continue to get pounded on fund liquidation while cash markets have traded at steady prices with last week. Boxed beef was lower on Wednesday with choice down .16 and select down .35. Spreaders have been a major influence in the hog complex. Pork cutout values were up .87. We are preparing for the Allendale Road Series 2013 meetings that will be held in Riverside, IA next Thursday and Friday sponsored by AgriGold. You can reserve your seat and find all the details at www.allendale-inc.com.

Markets as of 5:05 AM

  • Mar #Corn    -2 1/2
  • Mar Beans   -5 3/4
  • Mar Wheat   -5
  • Apr Cattle  -.02
  • Apr Hogs    -1.00
  • Mar Dlr     +.37
  • Mar S&P     -3.50
  • Apr Crude   -1.38
  • Apr Gold    -9.10


Contact Allendale: 800-262-7538 service@allendale-inc.com www.allendale-inc.com

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