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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.
 

Twas the Day Before Christmas and Markets are Quiet

Dec 24, 2013

T’was The Day Before Christmas and Markets are Quiet

Good Morning! Paul Georgy with early morning comments for December 24, 2013 at 4:30 am.

Grain futures are quiet trading in a narrow range near unchanged.

"Merry Christmas to All" on this Christmas Eve!  Markets close early today and volume is expected to be very light. Grain markets will reopen on Thursday at 8:30 and livestock at 9:05 am.

Trading volume was light yesterday with funds estimated buying a net 2,000 contracts of corn and selling 4,000 contracts of soybeans. They were estimated to be even on wheat.

Central IL processor raised basis bids on corn to offer a +2 to futures. They also have been holding soybean bids at 10 over the January futures. Other end-users are saying they have enough inventories through mid-January.

Argentina weather has been getting a lot of attention in recent sessions. The weather models have increased the chances of moisture next week. The heart of the producing area should get beneficial amounts. Corn planting is Argentina is 70% complete compared to 73% normal.

Soybean traders continue to circulate the talk of china canceling bean purchases but there have been no confirmations. Crush margins around the world are positive providing underling support to January futures.

The technical trading range is 13.10 to 13.50 in the January soybean contract. The March corn contract 50 day moving average is a key resistance point to watch in light volume trade.

Seasonal traders are looking at historical patterns and expecting a rally in grains between Christmas and New Year’s.

Cold Storage report found 546.3 million pounds of pork in warehouses at the end of November which was very close to the average trade guess of 549.2 million pounds. Stocks draw down of 19 million pound for the month was near the average of 17. Lean Hog traders have their eye on the Quarterly Hogs and Pigs Report due to be released on Friday at 2:00 pm. They hope to get some answers to the seriousness of the PEDv. Pork cutout value was down .19 on Monday.

Beef on the cold storage report showed 445.0 million pounds in warehouses on December 1st. That was less than the 454.5 million pound average guess. Choice beef values were down .10 and select was up 2.09.

The next Wake-Up Call will be released on Friday morning, Have a Safe and Joyous Holiday,

Markets as of 4:30 AM

Mar Corn    - 1/4

Jan Beans   +2 3/4

Mar Wheat   -1 1/4

Feb Cattle  +.20

Feb Hogs    +.10

Mar Dlr     +.10

Mar S&P     +1.00

Feb Crude   +.04

Feb Gold   +.20

 

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