Allendale Releases Planting Survey Results
Mar 16, 2012
Good Morning! Paul Georgy with early morning comments for March 16, 2012 at 4:45 am. Rich Nelson will release the results of Allendale’s 23rd
Annual Planted Acreage Survey this morning at 7:30. The results will be emailed and the "Morning Coffee" on YouTube will have a breakdown of the results. If there are any questions please call Allendale at 800-262-7538. Grain markets are lower on profit taking this morning. The strength in soybeans in recent sessions has been the leader for the grain complex. The shipping problem in Brazil’s major port has a 20 day delay. Reports from contacts in Brazil are that it is expected these problems will be resolved within a few weeks. Argentina’s Rosario port has much bigger delays. The daily downgrade of the Brazilian bean crop also supplies bullish excitement. Money flow has dominated the grain trade. On Thursday Reuters
reported funds bought 11,000 corn, 5,000 wheat and 7,000 soybeans. The macro market influences on grains has been minimal this week. The Greece situation has cooled off for a while as Portugal will likely be the next hot spot. USDA Quarterly stocks report will be released on March 30 which is anticipated to be friendly by many analysts. Cash cattle traded late yesterday at 126 which is steady with last week. Product continues to slide this week. Choice was down .67 and select was down .57. Pork cutouts were down 1.03 on Thursday. Cattle futures rallied after cash sales were announced. Visit www.allendale-inc.com
for more information.
Markets as of 4:45 AM
May Corn -1/2 Apr Cattle +.57 Jun $ Index +.18
May Beans -3 1/2 Apr Hogs -.27 April Crude +.40
May Wheat -1 1/4 Jun S&P +.25 June Gold -7.20
Allendale Advanced Charts
Corn has finally closed above first resistance on Thursday. In addition, the settlement was above the key 200 day moving average. There are still two more levels of resistance before we have a bullish breakout.
Nelson Notes from the desk of Rich Nelson
Last week’s old crop soybean export sales, reported this morning, totaled 609,700 tonnes (22 million bushels). This was the largest sale for this week in seven years. New crop sales, at 784,000 tonnes were better than any previous years in that week.
There is a significant risk of loss when trading futures and options contracts. This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named, and each investor should consider the appropriateness of trading on this information, based on their objectives. The factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. Past performance is not indicative of future results.