Holidays Around The World Reduce Volume
Feb 11, 2013
We apologize for the late distribution this morning; technology is great when it works. Good Morning! Paul Georgy with early morning comments for February 11, 2013 at 7:00 am. Grains are lower this morning. With the USDA Supply and Demand behind us, the trade will be looking forward to the Agricultural Outlook Forum 2013 which is held in Washington on Feb 21 and 22. At this forum is where the USDA gives us a first look at what they are thinking for the 2013 crop. China will likely be quiet for the next 10 days as they are celebrating their new year which started Sunday. Carnival celebration is going on in South America which will end on Tuesday. Market traders will be preoccupied around the world. However with the chart damage on Friday we will be watching key moving averages which could cause momentum to build on the downside. Argentina received some rain but bulls are saying not enough. Brazil did receive some beneficial moisture in the south. National Cotton Council over the weekend said they expect the2013 cotton crop to be the smallest in 20 years. Expect a choppy market for a few days as any sizable orders will be a market mover. Boxed beef values fell on Friday with choice down 1.34 and select down 1.51. Pork cutout value was up .54. The feeder index was down .59 to 145.43. Meat demand will suffer due to the snow storm on the East Coast. Meat will have to move into different channels until deliveries can get back to normal. USDA said on Friday pork exports hit record level in 2012. Make sure to sign up on line if you will be able to attend any of the Allendale Road Series Meetings.
Markets as of 7:00 AM
- Mar #Corn -1
- Mar #Beans -14 1/4
- Mar #Wheat -2 3/4
- Feb Cattle Steady-Lower
- Feb Hogs Steady-Lower
- Mar Dlr +.04
- Mar S&P +2.75
- Mar Crude -.24
- Feb Gold -9.00
Contact Allendale: 800-262-7538 service@allendale-inc.com www.allendale-inc.com
