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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.
 

Traders Eye Ridging in Argentina Weather Pattern

Jan 23, 2013

Good Morning! Paul Georgy with early morning comments for January 23, 2013 at 5:00 am. Grain futures are higher in a narrow trading range. Southern hemisphere weather is what traders are talking about. The various models are projecting similar forecasts with little moisture for Argentina and a high pressure ridge moving across the growing region. Temps could reach the low 100s but will last only a few days. Best chance of rain is late next week. Further deterioration of corn crop in Argentina could be very supportive to old crop corn in the US. Price relationships between new crop corn and new crop soybeans lean toward planting more acres of corn. This should be supportive to bull spreading in corn. However the export demand side of the equation is still very bleak. Export inspections yesterday were only 11.0 million bushel. The wheat markets came under pressure yesterday as spreaders were buying beans and selling wheat. Ukraine’s Ag Minister said that 91.5% of their winter crops are in good to satisfactory condition. Moisture for the southern plains seems to be just on the horizon but never arrives. February option expiration is Friday. Allendale Ag Leaders Conference is Friday. We have a great line up of speakers with ideas you will be able to take home and put into action. Livestock futures are oversold on technical indicators. The volatility in livestock futures are expected to continue this week as the Cattle on Feed report will be released on Friday at 2:00 pm. Boxed beef was firmer on Tuesday. Choice was up .75 and select was up 1.29. Weather is expected to become more seasonal later this week and hog markets should cleanup. Pork Cutout value was up 1.23. Stay tuned to Allendale Research for updates on market movers.
 
Markets as of 5:00 AM
  • Mar Corn    +1 1/4
  • Mar Beans   +3 1/4
  • Mar Wheat   +1 3/4
  • Feb Cattle  -.20
  • Feb Hogs    -.30
  • Mar Dlr     -.17
  • Mar S&P     -1.75
  • Mar Crude   +.68
  • Feb Gold    -1.20
 
Contact Allendale: 800-262-7538 service@allendale-inc.com www.allendale-inc.com

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