Sep 23, 2014
Home| Tools| Events| Blogs| Discussions| Sign UpLogin


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.
 

Grains Start Friday Higher

Feb 15, 2013

Good Morning! Paul Georgy with early morning comments for February 15, 2013 at 5:00 am. Grains are higher as the outside market pressure subsides. Markets are poised to have some short covering ahead of the long weekend as technical indicators are registering oversold conditions and corn has closed lower 10 days in a row. Chart support is still 6.78 in March corn. However the soybean bulls got a blow yesterday with 230,000 tonnes of soybean export cancellations. As we approach the long weekend, bulls are looking for support from the #NOPA #crush data which will be released at 11:00 am today via Reuters News. The trade estimate is 159.5 million bushels, just shy of the 2009 record of 162.5 for January. The RBOB (gasoline) futures rallied sharply yesterday on low inventory data from EIA. This rally combined with lower corn prices should support a pickup in corn demand. Cheaper corn prices will help cattle on feed margins and/or reduce losses. We do not believe corn prices are the biggest worry of cattle feeders right now. Cash cattle traded mostly 2.00 lower this week. Futures tried to rally yesterday but only appeared as short covering. Boxed beef was mixed with choice down .15 and select up .28. Feeder index was down 1.12 at 142.42. Pork futures collapsed on Thursday due to demand concerns and long liquidation. Pork cutout values were up .14. April futures have support at 84.02 the Sept 2012 low. Markets will be closed on Monday in observance of President’s Day. Grain markets will open at 7:00 pm on Monday and livestock will reopen at 9:05 on Tuesday. If you are in the Watertown, SD area on Monday or Mankato, MN on Tuesday we would like to have you join us for an outlook meeting sponsored by Legend Seeds. Please details at www.allendale-inc.com.

Markets as of 5:00 AM

  • Mar #Corn    +6 1/4
  • Mar #Beans   +6 1/4
  • Mar #Wheat   +6 1/2
  • Apr Cattle  +.07
  • Apr Hogs    +.07
  • Mar Dlr     +.03
  • Mar S&P     -2.50
  • Mar Crude   -.56
  • Feb Gold    -8.20

Contact Allendale: 800-262-7538 service@allendale-inc.com www.allendale-inc.com

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.

Hot Links & Cool Tools

    •  
    •  
    •  
    •  
    •  
    •  

facebook twitter youtube View More>>
 
 
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions