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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.
 

Hopes Of China Buying More Soybeans

Feb 19, 2013

Good Morning! Paul Georgy with early morning comments for February 19, 2013 at 5:15 am. This report is coming to you from Mankato, MN where temperature is 1 degree above zero and expected to fall from here. The wind chill is -30 degrees. We had a great crowd in Watertown, SD yesterday sponsored by Legends Seeds. Today the meeting will start at 10:00 am at the City Center Hotel in Mankato, MN. Grains are higher on short covering and hopes of improving demand. Traders are expecting China to be back in the market this week, looking for some soybeans. The USDA Outlook Board Ag Forum will be released Friday morning. It is well promoted that their data will be bearish. Watch for surprises! Rainfall in Argentina was less than earlier forecast this past weekend however temps are not extremely hot. Technical indicators for grains are exhibiting oversold conditions. November soybeans could run into some selling at the 12.82 level. May corn has support at 6.78 ½ while Dec corn has resistance at 5.70. The outside markets are providing some headwinds for grains as the dollar is higher and near technical resistance at 81.00. Livestock markets are still struggling with demand for product. Boxed beef was mixed on Friday with choice down 1.58 and select was up .80. Pork cutout values were down .10 to end the week. Livestock markets are due for a bounce or even more. We are waiting for the market to give us the signal. Look for choppy markets this week ahead of USDA Ag Forum.

Markets as of 5:15 AM

  • Mar #Corn    +2 1/2
  • Mar #Beans   +23 1/2
  • Mar #Wheat   +2 1/4
  • Apr Cattle  Steady-Lower
  • Apr Hogs    Steady-Lower
  • Mar Dlr     +.14
  • Mar S&P     +2.00
  • Mar Crude   -.44
  • Feb Gold    -4.50

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

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