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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.
 

Tuesday is Starting Slightly Lower

Mar 12, 2013

Good Morning! Steve Georgy with early morning comments for March 12, 2013 at 5:05 am. We are seeing a turnaround Tuesday attitude to start things this morning. The grains are lower after pulling off the highs late in the session yesterday. The cash markets remain strong and continue to keep the bull spreads intact. This should still support corn on further pullbacks today. The March contract is in deliveries but still creating strength as we continue to see no deliveries made against them. Thursday is the last trade day for March and we have a tendency to see the May contract gravitate toward the same price level that March goes off the board. Beans found support yesterday as the port strike talks continue in Brazil. They have a tremendous backup of ships in their ports and the planned strike for next Tuesday will only make things worse. China bought some US beans yesterday and will continue to buy US beans until they get a better handle on things in South America. They are looking at a huge crop but it will not matter unless the shipping situation gets better. Beans have good resistance at the 1500 level but we could see the market push above this if the problem escalates any further next week. Cattle are unchanged this morning after closing in the upper end of the trading range yesterday. Box beef was mixed yesterday with choice down .40 and select up .67. Cattle will probably chop around until we see what the cash trade does this week. Hogs gave back a lot of their gains from last week. Cash hogs continue to drop off and struggle to find support. We could be in for another week of sloppy trade.

Markets as of 5:00 AM

  • May #Corn    -1/2
  • May #Beans   -12 3/4
  • May #Wheat   -3
  • Apr Cattle  unch
  • Apr Hogs    +.10
  • Mar Dlr     +.15
  • Mar S&P     - 2.00
  • Apr Crude   -.20
  • Apr Gold    +3.90

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

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