Pre-Holiday Trade Volume In Grains
Nov 21, 2012
Good Morning! Paul Georgy with early morning comments for November 21, 2012 at 5:10 am. Grains futures are mixed in a light volume overnight session. Today we have regular trading hours at the CME for grains and livestock. Markets are closed tomorrow and will see limited trading hours on Friday. Open interest is still fairly large in the December corn 7.50 strikes. December grain options will stop trading on Friday at noon. New news for grains is very limited. Weather in South America is a little wetter for late next week. The forecast should give producers a chance to catch-up on planting. Weekly export sales will be released on Friday morning. Cash market basis is steady with farmer selling nonexistent. Ohio River basis was stronger on Tuesday while Illinois River was lower due to water levels on the Mississippi. Rich Nelson did a study on the day after Thanksgiving price movement in grains. Corn closed higher 4 out of last 6 years, wheat 5 out of last 6 years was higher and soybeans closed higher 3 out of last 6 years. The IMF has worked out a loan agreement with Egypt and it is likely Greece will get its next tranche of money by December 5. Cash cattle are expected to trade higher this week as packers put together numbers for next week. Choice beef was .11 higher and select was up .87 on Tuesday. Pork cutout values were down .36. Headlines out of Washington and EU will impact trader’s attitude until a decision is made on the "fiscal cliff." Allendale wishes all our readers and clients a safe and Happy Thanksgiving. Join us at the Allendale Ag Leaders Conference
on Jan 25 and 26.
Markets as of 5:10 AM
Dec Corn - 1/4
Jan Beans +4 1/2
Dec Wheat -1 1/2
Dec Cattle +.20
Dec Hogs +.15
Dec Dlr +.08
Dec S+P -.50
Jan Crude +.80
Dec Gold +3.00
Allendale Advanced Charts
Dec Live Cattle has confirmed a base and reversal after closing above $126.65. Due to the markets proximity to the bottom of the trading range, we can now confirm an uptrend in Dec Live Cattle and should not be surprised by its higher pricing going forward…Frank La Placa
Get technical analysis for corn, beans, wheat, cattle, hogs, crude and dollar markets.
Nelson Notes from the desk of Rich Nelson
Asian grain buyers are turning their focus to the US market. Japan, Taiwan, and others have more than 1.5 million tonnes of ordered Brazilian corn that has not been delayed due to port congestion.
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