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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.
 

March 1st Spending Cuts Concern Traders

Feb 26, 2013

Good Morning! Paul Georgy with early morning comments for February 26, 2013 at 5:05 am. Grains are mixed with corn and wheat higher, soybeans lower. This report is coming to you from Miami, FL this morning as I will be presenting to the Refrigerated Foods Association later today. The grains and soybean markets are looking for fundamental news which justifies the sell-off over the last few days. We can point to the improvement in weather in South America or the poor demand data coming from the USDA late last week. Without new fundamental news, one must look to technical patterns and outside market influences. Traders are worried the March 1st budget deadlines. The March dollar index has moved above the contract highs. The stock indices rolled over yesterday. March grain futures contracts first notice day is Thursday, February 28th. Trade is not expecting any deliveries in corn due the strong basis. Technical support in May corn still is the January low of 6.78 ½. The November soybean support is 12.50 which a close below that level would likely activate more selling. The next major fundamental reports will come in the form of more export sales, the mid-March supply and demand report and then the Planting Prospects Report on March 29. Livestock futures continue to see the selling pressure from fund and margin liquidation.  Boxed beef values had little change with Choice up .20 and select down .05. Pork cutout values were up .15.  Join the Allendale team tonight for the Ag Leaders Monthly webinar. We are preparing for the Allendale Road Series 2013 meetings that will be held in Riverside IA this Thursday and Friday sponsored by AgriGold. You can reserve your seat and find all the details at www.allendale-inc.com.

Markets as of 5:05 AM

  • May #Corn    +4 1/4
  • May #Beans   -6 1/2
  • May #Wheat   +3/4
  • Apr Cattle  -.35
  • Apr Hogs    -.40
  • Mar Dlr     +.01
  • Mar S&P     +3.50
  • Apr Crude   -.65
  • Apr Gold    +4.80

 

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

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