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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.

The Dollar Finds Strength from Global Economic Fears

Sep 24, 2012

Good Morning! Steve Georgy with early morning comments for September 24, 2012 at 5:10 am. Grain futures are well off the lows made early last night. Beans took out the 16.00 support level last night but it seems traders are trying to support it this morning. This week will have traders talking about a few topics. First will be harvest progress that is released today at 3:00 PM. The trade is expecting to see a big jump for harvested number since last week gave great opportunities for advancement. Some are saying that we could be 50% complete by the end of this week. The focus will then shift to the USDA report at the end of the week. As we continue to hear better yields coming in,  many traders believe that we could see the carryout number increase for both corn and beans on Friday. Demand numbers may not change much but yield and harvested acres will be the main focus. The last topic that you will hear this week will be that we are approaching the end of the month and the end of the quarter. This usually has fund money moving around and has the ability to push the grain markets around as well. The dollar this morning is strong as European debt problems continue to make headlines. Most of the world stock markets are pushing lower this morning due to the rising fears of the global economy. Crude oil is retesting last week’s lows early today and should be watched closely is those levels are taken out. The energy markets are usually a good indicator of money flow and it seems we could be in for a negative day if the dollar stays strong. Sign up for the Monthly Allendale Ag Leaders Webinar that starts tomorrow evening at 8:00 pm.
Markets as of 5:10 AM
Dec Corn    UNCH
Nov Beans   -13 1/2
Dec Wheat   -1
Dec Dlr     +.34
Sep S+P     -7.50
Oct Crude   -1.30
Dec Gold    -18.00
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Allendale Advanced Charts
Dec Corn has slowed down its speed of decent in the last four sessions. While this market is clearly in a down trend, we have found support at this $7.39 level. If we do see strength from this level, I feel that it is a correction that should be viewed as an opportunity for producers to lock in more unsold bushels.
Get technical analysis for corn, beans, wheat, cattle, hogs, crude and dollar markets.
Nelson Notes from the desk of Rich Nelson
The General Administration of Customs reports August soybean imports totaled 4.42 million tonnes. This estimate would be 1% under last year. August corn imports totaled 598,842 tonnes. That was up from 244,502 one year prior.
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