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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 Start Month Higher

Dec 03, 2012

Good Morning! Paul Georgy with early morning comments for December 3, 2012 at 5:10 am. Grains futures are higher on early month risk-on buying. Egypt bought a total of 400,000 tonnes of wheat: 280,000 from US and the balance from Romania and France. Argentina farmers had a good week of planting progress. Their government said through last Thursday soybean plantings jumped by 11% to 58% complete. Corn farmers only planted 4% to reach 63% complete. Weather was good for fieldwork over the weekend in Argentina but the weather forecast is for heavy rains to move in midweek. The US low water problems on Midwest rivers had basis rising for corn and soybeans on Friday. The higher export prices in US are driving buyers to South America. However, shipments are now running about a 2 month delay out of South American ports. News talk shows over the weekend had something for everyone on the fiscal cliff negotiation and what effects a non-resolution would have on the economy. Corn Deliveries against the December contract were 246 with the last date 9/17/12.  Goldman roll will start later this week. Cash cattle traded 125 in Kansas on Friday which was 3.00 lower. Choice beef was down 1.00 and select was down .70. Pork cutout values were up .59 on Friday. We are expecting outside follow-through from last week on the opening. Cattle called steady lower, Lean Hogs mixed. 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
Dec Corn    +7
Jan Beans   +16
Dec Wheat   +9 1/2
Dec Cattle Steady-Lower
Dec Hogs    Steady-Mixed
Dec Dlr     -.19
Dec S+P     +2.25
Jan Crude   -.05
Dec Gold    +8.00
 
Allendale Advanced Charts
Mar Corn has retreated from its recent test of the $7.75 level. I feel that $7.75 is the key directional trigger to maintain any type of bias. As long as the Corn is lower than $7.75, it can leave open the possibility for a retest of our recent lows…Frank La Placa
 
 
Nelson Notes from the desk of Rich Nelson
China: The National Bureau of Statistics estimates this fall’s corn harvest totaled 208.1 million tonnes. This is quite a bit larger than USDA’s latest estimate of 200.0. They estimated 2012 wheat production at 120.6 million tonnes, higher than USDA’s 118.0.
 
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