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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 Are Mixed to Start the Morning

Mar 13, 2013

Good Morning! Steve Georgy with early morning comments for March 13, 2013 at 5:25 am. Corn continues to lead the surge higher once again. The bull spreads continue to widen out with the March contract staying firm. March corn is currently trading 27 cents over the May. This will support the May contract and keep a stronger tone until March goes off the board on Thursday. Corn is also finding support from the talk of too much rain in the Delta. The trade is already talking planting delays and concerned about too much moisture now. New crop has found support and is approaching resistance levels near 560. March beans gave up yesterday as they fell 25 cents. This spread collapsed showing that beans may be a little tired at these levels. It seems the 1500 area is tough for beans to stay above. The talk of striking in the Brazilian ports will still keep support under the beans as the backup of barges continues to get worse. This will continue to keep strong export sales for now. New crop beans may find support in the coming weeks due to the fact that it is more favorable to plant corn at these levels and beans may need to buy acres. We should hear more about buying acres as we get closer to the USDA Planting Intentions report at the end of the month. Cattle are steady this morning but box beef continues to firm up. Choice yesterday finished .40 higher and select up .10. Cash cattle will be important to watch this week for the direction of cattle. Hogs may have found support now that cash hogs are trying to firm up. The trend is still down but we have seen some higher closes that could start to change the mentality of the market.

Markets as of 5:20 AM

  • May #Corn    +2 1/2
  • May #Beans   -4 3/4
  • May #Wheat   +2 1/2
  • Apr Cattle  unch
  • Apr Hogs    +.02
  • Mar Dlr     +.01
  • Mar S&P     - 2.00
  • Apr Crude   +.25
  • Apr Gold    -1.00

 

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

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