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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.
 

Asia and Europe Lower Overnight

Dec 12, 2012

Good Morning! Paul Georgy with early morning comments for December 12, 2012 at 5:10 am. Grain futures are lower as Asian markets are weaker. Paris wheat has marked a new 7 week low. India will decide by months end whether to expand wheat exports by another 2.5 mmt. The USDA gave corn and soybean traders what they were looking for in the report yesterday. On the other hand, adjustments in wheat demand raised ending stocks by 50 million bushels. That was enough to push futures through technical support and break out of the recent sideways trading range. There are countries looking to buy wheat but are likely to pass the US for other origin. Corn prices at the gulf are still well above South American values. Mississippi River level are very much a concern to shippers and one reason buyers are passing on US grain. Tomorrow morning we have the weekly sales data which likely will not be impressive. Subscribe today to the Allendale Advisory Report to get the full story. The macro markets will be watching for any development in solving the "fiscal cliff" negotiations. We will get the Fed meeting results today which some are expecting an announcement of  fresh stimulus. Weather forecasts are being spun as bearish with one model calling for moisture for the southern plains. Boxed beef values closed higher on Tuesday with choice up 2.27 and select 1.51. The unexpected rally in beef values caused technical and fund buying yesterday. With big deliveries and no cash trade yet this week, traders will need more good news to maintain the rally. Pork cutout values were down .01. Get all the price outlooks for 2013 at the Allendale Ag Leaders Conference on January 25 and 26, 2013. Reserve your seat TODAY
 
Markets as of 5:10 AM
Mar Corn    -2
Jan Beans   -10 1/2
Mar Wheat   -2 1/2
Feb Cattle +.07
Feb Hogs    -.02
Mar Dlr     -.10
Mar S&P     +2.00
Jan Crude   +.41
Feb Gold    +5.00
 

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