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The Allendale Wake-Up Call

RSS By: Paul Georgy,

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.

Commodity Prices Affected By Risk Off Attitude

Jul 18, 2012

Good Morning! Paul Georgy with early morning comments for July 18, 2012 at 5:15 am. Corn and soybean futures are lower this morning. Corn tested all-time highs yesterday but was unable to close above it and therefore traders are taking some profits off the table. We are still in a weather market and traders are still trying to determine the yield for this year’s corn and soybean crop. Estimates continue to slide on a daily basis. Weather forecasts give the best chance for rain in the eastern cornbelt today through Friday. Amounts are not expected to be enough to stop crop stress. The concern over demand is becoming an important topic for traders. Tomorrow morning the USDA will release the export sales estimates. When the traders take a break from focusing on weather, they are still faced with the world economic struggles and potential demand deterioration. However, corn and soybeans should be well supported on setback. The cash cattle traded 1.00 to 2.00 lower yesterday at 113.00. Boxed beef was higher with choice up .61 and select up .67. Pork cutout values up 1.22 on Tuesday.
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Markets as of 5:15 AM
Dec Corn    -10 1/2
Nov Beans   -11 1/4
Sep Wheat   -14 1/2
Aug Cattle -.02
Aug Hogs    -.22
Sep S&P     -5.00
Sep Dlr     +.22
Aug Crude   -.46
Aug Gold    -11.90
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Allendale Advanced Charts
Yesterday Dec Wheat put in its forth trading session in a row of putting in a new high. While we did rally from our lows, we must remember that sellers were present. If we do see a significant setback we must see a close below the 7/11/12 low of $8.16 ¼ to negate the uptrend.

Get technical analysis for corn, beans, wheat, cattle, hogs, crude and dollar markets.
Nelson Notes from the desk of Rich Nelson
The nation’s collective rise in prices at the consumer level remains in check. For two months in a row, consumer level prices are 1.7% higher than last year. Inflation of food products is higher at 2.7% higher than last year. Many in the financial community are concerned these high grain prices will translate into higher food costs over the next year and a half.
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There is a significant risk of loss when trading futures and options contracts. This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named, and each investor should consider the appropriateness of trading on this information, based on their objectives. The factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. Past performance is not indicative of future results.

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