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The Allendale Wake-Up Call

RSS By: Paul Georgy,

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.

Quiet Markets Ahead of the Holiday Weekend

Dec 23, 2011

Good Morning! Paul Georgy with early morning comments for December 23, 2011 at 5:10 am. Grain markets were quiet overnight with position evening after the volatile day yesterday. Markets are open regular hours today but closed on Monday. The electronic session Monday night will be closed with grains opening at 9:30 Tuesday morning. Washington finally came to their census and agreed to extend the payroll tax reduction. They should vote on the bill today. Congress can now go home for the holidays. The ECB has supplied low interest loans for their banks. It looks like everybody got their Christmas gifts. The Euro banks are now getting political pressure to invest their cash in government bonds. World Weather Inc. says the bottom line in Argentina returns crop stress to many areas next week as the nation dries out and warms back up after the rain Wednesday and today and after cooling abates this weekend. Crops that failed to get significant rain the past two days will see stress return immediately and will likely encounter lower yield potentials since the ground was already too dry after the rain was missed this week. Second week rainfall in Argentina does not seem to be great enough to soak any particular region. World Weather, Inc. anticipates greater advertised rainfall over Argentina in the week of Jan. 2 to show up at some point in future model runs. With weather being a key to grain markets, a 3 day weekend could give us some excitement on Tuesday. Join us at the Allendale Ag Leaders Conference and meet Drew Lerner. Cattle futures put in a strong performance on Thursday prompted by the higher outside markets. Weather is slowing feedlot performance and creating tighter market ready supplies. Product values had little change as buyers have completed yearend purchases. The USDA Hogs and Pigs Report will be released this afternoon. The next Allendale Wake-Call will be produced on Wednesday morning. We will be giving you an update Tuesday on the Morning Coffee. All of us at Allendale want to wish you a very Merry Christmas and a Safe weekend.
Markets as of 5:10 AM
Corn: 0 to 1 higher               Beans: 2 to 3 higher             Wheat: 1 to 3 higher
Live Cattle: 20 to 30 higher                         Lean Hogs: 20 to 30 higher
Dollar: .14 lower                    Crude: .23 higher                  Gold: 1.00 lower
Allendale Advanced Charts
Cattle closed up the limit on Thursday after the market was able to push through retracement levels and the 200 day moving average. The close was just above the downtrend line. Today’s trade will be interesting to watch as there is a three day holiday weekend ahead of us.
Nelson Notesfrom the desk of Rich Nelson
The General Administration of Customs reports China imported 2.5 million tonnes of soybeans from the US in November. From South America, they purchased 3.0 million. This confirms well known market talk that Brazil and Argentina are running the show in what is typically a US supplied time of year.
Contact Allendale: 800-262-7538
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.

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