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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.
 

Weather, Profit-taking and Reports

Jun 11, 2012

 

Good Morning! Paul Georgy with early morning comments for June 11, 2012 at 5:10 am. Corn and soybean futures prices are mostly higher. Weather forecasts have put in a little more rain and a little cooler temps than Friday models. We need more than just a little more rain but will take any moisture right now. Corn will be tasseling in some areas this week. Tomorrow’s S+D report will be watched closely as traders will have to deal with the report while the market is open. Traders are looking for a lower stocks number for corn and soybeans. USDA will give us the weekly conditions report this afternoon at 3:00pm. Traders are looking for a decline of 2 to 3 % of the G/E category. The macro economic situation should provide support as Spain went to the EU and received 100 billion euros to put a Band-Aid on their banking liquidity problem. China’s economic data released yesterday was seen as better than expected. Commitment of Traders Report showed managed money liquidating long positions corn by 20,000+ and soybeans by 23,000+. Index fund reduced their long position by 11,000+ to only 17% of open interest in corn. Livestock futures should get support from outside markets. Cutout values were lower with choice down .48 and select down 1.66. Pork cutout was up .94 to finish the week. We should see excellent weekend clearance at the retail counter. This could provide early week support. Sign up today for the Allendale Ag Leaders Webinar which will be held on June 26th. Rich Nelson will be discussing weather with Drew Lerner from World Weather Inc.
 
 
Markets as of 5:10 AM
Jly Corn    +1 1/2
Jly Beans   +11 1/4
Jly Wheat   +3 3/4
Jun Cattle stdy - hgr
Jun Hogs    stdy - hgr
Jun S&P     +9.25
Jun Dlr     -.42
Jun Crude   +.72
June Gold   +.50
 
Here are just a few of the reports we follow and record historical data on:
 
Allendale Advanced Charts
Friday’s strong close in the Dec. Corn has set the stage for another run at the key resistance at $5.50. A close above $5.50 would imply challenges to the $5.75 and $5.97 levels of key resistance. If we fail at $5.50 the sideways trend between $5.50 and $4.99 should be expected to continue.
 
Get technical analysis for corn, beans, wheat, cattle, hogs, crude and dollar markets.
 
Nelson Notes from the desk of Rich Nelson
Considering the fact that July Chicago wheat fell 43 cents from the 29th to the 5th funds were pretty mild in their sales of 18,134 contracts during that period
Contact Allendale: 800-262-7538 research@allendale-inc.com www.allendale-inc.com
 
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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