Relax, the Report is Out at 11:00 AM CST
Jan 11, 2013
Good Morning! Paul Georgy with early morning comments for January 11, 2013 at 5:00 am. Grain futures are mixed. Corn and soybeans are lower with wheat higher. Trading volume has been very light overnight. Traders are making last minute adjustments ahead of the USDA report at 11:00 am this morning. It seems as if traders are looking for a friendly report for corn as we have rallied about 18 cents this week. The expectation is to see a sizeable drop in harvested acres for corn. Allendale is looking for a smaller production number but expecting a reduction in demand to offset production drop. Soybean numbers should not see much change. However as Rich Nelson, Allendale’s Chief Strategist says about the January Report "expect the unexpected". Check in to
www.allendale-inc.com after the report and we will have a recap for you. Cash cattle traded 2.00 lower on Thursday in TX. Boxed beef was higher with choice up .26 and select up .43. Pork cutout values were up .49. Livestock futures will be impacted by the grain report later this morning. Key chart support is at 131.20 in Feb cattle and 84.17 in Feb hogs. A reminder for those attending the Allendale Ag Leaders Conference to please make sure you have reserved your hotel room and getting the Allendale discount.
Markets as of 5:00 AM
- Mar Corn -2 1/2
- Mar Beans -13 1/4
- Mar Wheat +1
- Feb Cattle -.42
- Feb Hogs +.12
- Mar Dlr +.07
- Mar S&P -.50
- Jan Crude -.49
- Feb Gold -9.30
