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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.

Corn in Trading Range until Report?

May 09, 2012


Good Morning! Paul Georgy with early morning comments for May 9, 2012 at 5.10 am. Corn and soybeans futures are lower as outside markets create concern for investors. Corn futures are in a trading range while cash market leads the charge higher. Tight stocks and empty bins in central IL have processors raising bids to get grain. We expect to see more jockeying of positions ahead of Thursday’s report which could be a significant game changer. The trade is looking for bullish old crop corn numbers and bearish new crop. Traders are expecting bullish bean data tomorrow at 7:30. The report is very important because we will get the first estimates on 2012-13 crop of which analysts can base projections. The heightened political unrest in Greece and the change in governing power in France and Italy are causing a reduction in large trader participation in commodity markets. These events have money managers very nervous about building positions in commodities. Weather forecast suggests farmers will have an extended period to get the balance of crops in the ground. Russia and Ukraine are expected to receive rain this week. Livestock markets struggle with demand not keeping up with supply. The milder winter had hogs and cattle gaining faster than normal. Export demand has slowed as China’s pork prices have been declining due to seasonal consumption.  Many are looking for US consumption to increase when the cookout season gets into full swing. Cash cattle could trade higher this week while dressed beef is struggling to make new highs. Choice was up .34 and Select was up 1.31 on Tuesday. Pork cutout was up .42 yesterday. Follow us on twitter at Allendale_paul. Stay in touch with Allendale Research by subscribing to the Allendale Research Center.
Markets as of 5:10AM
Jly Corn    -2 3/4
Jly Beans   -9 1/2
Jly Wheat   -8 1/4
Jun Cattle +.12
Jun Hogs    +.02
Jun S&P     -8.00
Jun Dlr     +.29
May Crude   -.69
June Gold   -21.70
Here are just a few of the reports we follow and record historical data on:
Allendale Advanced Charts
Corn planting advanced from 53% complete last week to now 71%. This was above analyst trade estimates of 67%. In addition, the current crop remains far above the five year average pace of 47%.

Get technical analysis for corn, beans, wheat, cattle, hogs, crude and dollar markets.
Nelson Notes from the desk of Rich Nelson
Corn planting advanced from 53% complete last week to now 71%. This was above analyst trade estimates of 67%. In addition, the current crop remains far above the five year average pace of 47%.
Contact Allendale: 800-262-7538
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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