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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.
 

Grains Bounce On Short Covering

Feb 14, 2013

Good Morning! Paul Georgy with early morning comments for February 14, 2013 at 5:05 am. Grains are mixed at this hour after a short covering rally overnight. Rallies have hit a headwind as the US dollar strengthens. Traders have their sights set on the Weekly Export Sales data to be released this morning at 7:30. Trade estimates for this report are for #corn 150 to 350 tmt, #soybeans 700 tmt to 1.667 mmt, soymeal 150 to 250 tmt, soyoil 20 to 30 tmt and wheat 275 to 400 tmt. # China is on their New Year holiday this week and should be back to business Sunday night. The Chinese crush margins are positive and many in the trade are expecting them to be looking for more beans next week. Load out time in Brazilian ports continues to build as last week there were 84 vessels waiting; this week the number is 115. Celeres puts Brazil’s bean harvest at 12% compared to the 5 year average of 7% percent. The National Oilseed Processors Association's (NOPA) are scheduled to release their January US crush figure on Friday at 11:00 am. Trade estimates range from 157.5 to 162.5 million bushel. The weather maps continue to show rain across Argentina over the next week. So far this week, choice beef is up 1.45 and select is down 56 cents. The trade is not yet ready to suggest this means stability has finally shown up in this market. Futures continue to get pounded by fund liquidation and likely margin clerk liquidation pressure. Demand for meat is causing problems even though supplies of market ready cattle and hogs are tight. Pork cutout values were down 2.68 on Wednesday. Boxed beef ended Wednesday with choice up .23 and select up .02. Feeder cattle index was down .42 at 143.54. If you are in the Watertown, SD on Monday 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 5:05 AM
  • Mar Corn    -1/4
  • Mar Beans   -3 1/4
  • Mar Wheat   +2 3/4
  • Apr Cattle  -.65
  • Apr Hogs    -.35
  • Mar Dlr     +.48
  • Mar S&P     -7.00
  • Mar Crude   -.08
  • Feb Gold    -1.10
Contact Allendale: 800-262-7538 service@allendale-inc.com www.allendale-inc.com

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