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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.

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Dec 10, 2012

Good Morning! Paul Georgy with early morning comments for December 10, 2012 at 5:10 am. Grain futures are mixed on follow through trade from Friday. The USDA will release its supply and demand estimates for December tomorrow morning. Traders are looking for an increase in ending stocks for corn and wheat with a reduction in soybeans. The USDA usually does not adjust US production numbers on this report. They wait until January to give us a final production number for grains. Funds were large sellers of corn contracts on Friday as they are estimated to have sold 12,000 contracts. On Friday afternoon the CFTC released the weekly Commitment of Traders report showing managed money increasing longs in corn by 21,923 last week while reducing wheat longs by 8,794. They reduced longs in soybeans by 1,899 contracts. South American weather forecast is for more rain in southern Brazil and drying in Argentina this week. Overall crop conditions are pretty good in South America now. The weather bulls will be watching for above normal temps in the weeks ahead. We expect traders to be adjusting positions going into the USDA Report tomorrow. The talks in Washington will heat up this week as the deadline for the fiscal cliff approaches. Over the weekend IMF Chairman Lagarde made some concerning comments about the world economy if no resolution is found for US economic woes. Japan announced today they were halting Brazilian beef imports due to a BSE link. Brazilian beef amounts to about 0.3% of Japan’s total beef imports. Boxed beef values were lower on Friday as choice was down 1.18 and select was down 1.31. Pork cutout values were down .14. Russia will restrict the imports of US beef and pork. This news could weigh on prices at the opening today. Stay tuned to Allendale Advisory Report to get the full story. Get all the price outlooks for 2013 at the Allendale Ag Leaders Conference on January 25 and 26, 2013. Reserve your seat TODAY
Markets as of 5:10 AM
Mar Corn    -4 1/2
Jan Beans   +1 1/2
Mar Wheat   -4 3/4
Feb Cattle Steady-Lower
Feb Hogs    Steady-Lower
Mar Dlr     +.09
Mar S&P     -3.75
Jan Crude   +.48
Feb Gold    +8.50
Allendale Advanced Charts
Mar Corn has broken out below the $7.50 level that has supported this market over the last 3 weeks. My next level of support is the $7.12 level…Frank La Placa
Contact Allendale: 800-262-7538
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