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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.
 

Grains Oversold with Big Report on Horizon

Jan 07, 2013

Good Morning! Paul Georgy with early morning comments for January 7, 2013 at 5:10 am. Grain futures are higher on short covering. The week ahead should be an interesting week. The USDA report on Friday has the potential to impact corn and soybean prices for at least 3 months. Traders are waiting for final production numbers and demand adjustments made by USDA. Weather conditions in South America would have to be viewed as a bit negative as the forecast looks for temps to be cooler than expected last week. The dryness in Brazil is limited to less than 10% of growing area. Farmers are not selling cash grain on this weakness as corn basis firmed on Friday at Central Illinois processors. Currently the grain futures are oversold with markets closing under pressure on Friday. Key chart support to watch today is 6.75 in March Corn and 13.56 in March soybeans. A close below those levels would likely trigger more selling. The Allendale Ag Leaders 2013 Outlook Conference is January 25 and 26th.  Sign-Up Today! Cattle traders will be waiting for an end to the standoff in the cash markets. We have a full processing week ahead. Boxed beef closed the week lower. Choice was down .65 and select was down 1.06. Pork cutout values were up .36 on Friday. Futures opening will be taking their cue from outside markets at 9:05. If you are in the DeKalb, IL area Wednesday I will be giving a Pre-USDA Report outlook at the Northern IL Farm Show at 10:00 am. Look forward to seeing you there.

Markets as of 5:10 AM

  • Mar Corn    +4 1/4
  • Jan Beans   +7 1/2
  • Mar Wheat   +4
  • Feb Cattle  Steady
  • Feb Hogs    Steady
  • Mar Dlr     +.07
  • Mar S&P     -1.25
  • Jan Crude   -.29
  • Feb Gold    +6.20

 

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

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