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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.

Grains Futures Open at 9:30

Nov 23, 2012


Good Morning! Paul Georgy with early morning comments for November 23, 2012 at 5:10 am. Grains futures are called steady better as macro markets provide support. Grain markets open at 9:30 this morning and close at noon. December options at CBOT stop trading today at the close. We expect some last minute trade adjusting as the largest open interest remains at the 7.00 and 7.50 strikes. Weekly export sales estimates will be released at 7:30. Traders are expecting 300 to 450 tmt of corn, 400 to 650 tmt of soybeans, 50 to 70 tmt of soyoil, 200 to 300 tmt of soymeal and 400 to 650 tmt of wheat. HSBC flash PMI for China was at a 13 month high. From the EU, international lenders will soon agree on an aid deal for Greece. It is expected that Japan will ease monetary policy again. Weather in South America is improving with rains falling in areas where needed. Cash cattle traded at 128 in the south. Boxed beef was higher with choice up .61 and select up .53. The USDA released cold storage stocks of pork on Wednesday afternoon at 606.2 million pounds. That was a drop of 4% from September but 24% higher than last year. Pork cutout values were up .43 on Wednesday. Join us at the Allendale Ag Leaders Conference on Jan 25 and 26.
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Allendale Advanced Charts
The Jan Soybean market is trying to find a bottom here at the $14.00 level. I am looking for a close above $14.30 to negate the downtrend and confirm a recovery rally. However if we do see a close below $13.72 that would confirm another leg lower in Soybeans…Frank La Placa 
Get technical analysis for corn, beans, wheat, cattle, hogs, crude and dollar markets.
Nelson Notes from the desk of Rich Nelson
Historically there is no set price consistency for grains between the day before and the day after Thanksgiving.
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