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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.
 

Week Ahead to Set Tone

Nov 05, 2012

Good Morning! Paul Georgy with early morning comments for November 5, 2012 at 5:10 am. Grains are mixed with corn and wheat higher and soybeans slightly lower. The week ahead is filled with events that could and likely will impact grain prices. This afternoon, the crop progress and conditions will be released. The winter wheat conditions last week started at only 40% Good/Excellent. Tuesday is election day in the US. Hope everyone intends to vote. Thursday we have export sales and Friday the USDA gives us the monthly crop production and Supply & Demand. Weather conditions in South America have improved this weekend. Northern Brazil has received rain and more is on the way. Southern Brazil and Argentina were dry this weekend and the forecast has pushed the next system out until late this week. The amount seems to be less than what was expected on Friday. The trade is looking for larger bean production on Friday’s report. Most analysts are expecting corn yield and production to shrink further. Technical support in corn at 7.32 will be very important while soybeans should see support around the 15.00 area. The Commitment of Traders report on Friday had managed funds reducing long positions in Ag commodities to the lowest levels since June. The Goldman roll will begin on Wednesday. Boxed beef values were lower on Friday with choice down .76 and select was down .76. Pork cutout values were down .10. Stay in touch with the Allendale Advisory to get latest impact and expectations of upcoming events.
 
 
Markets as of 5:10 AM
Dec Corn    +2 1/4
Jan Beans   -4 3/4
Dec Wheat   +4 3/4
Dec Cattle called Steady
Dec Hogs    called Steady
Dec Dlr     +.10
Dec S+P     +1.50
Dec Crude   +.14
Dec Gold    +3.60
 
Need more:
Contact us directly view email: research@allendale-inc.com
 
Allendale Advanced Charts
Dec Corn has continued its sideways range that it has been trapped in over the last month. We need to watch for a break below $7.32 or a break above $7.76 to assume the direction that Corn will take…Frank La Placa
 
Get technical analysis for corn, beans, wheat, cattle, hogs, crude and dollar markets.
 
Nelson Notes from the desk of Rich Nelson
The monthly employment, released Friday, indicated 171,000 new jobs were added in October. That was up from the September level of 148,000. The trade was expecting 125,000. Unemployment was revised to 7.9% which was up from 7.8% in September.
Contact Allendale: 800-262-7538 research@allendale-inc.com www.allendale-inc.com
 
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