Markets Wait for New News
Mar 04, 2013
Good Morning! Paul Georgy with early morning comments for March 4, 2013 at 5:05 am. Grains are mixed with corn and soybeans higher, #wheat lower. Moisture this week is due to provide Argentine crops with help to finish development. Traders are focused on the March USDA Supply and Demand Report due to be released on Friday at 11:00 AM CST. World production will be one of the watched numbers as the USDA’s current estimate of South American production is higher than other trade expectations. Of course the US ending stocks will be a highlight. Funds continued to reduce their long positions in corn and soybeans last week. Managed money is now holding long contracts of #corn of 52,075, down 13,228 and 122,998 contracts of #soybeans, down 3,520. Farmers remain strong holders of cash corn and soybeans. When talking to farmers at recent meetings it would appear it will take near 8.00 cash to have them open the bin doors again. May corn futures have resistance at 7.14, the 200 day moving average. Last week’s high and low should provide some resistance and support in the May soybeans. Boxed beef prices continue to firm as choice was up 1.94 and select was up .05 on Friday. Pork cutout values were down .26. The feeder index was up .70 to 138.70. Thanks to the AgriGold team for the great turnout in Riverside IA last week. This is the last week of the Allendale Planted Acreage Survey; we will be releasing the results on March 15.
Markets as of 5:05 AM
- May Corn +5 1/4
- May Beans +6
- May Wheat - 3/4
- Apr Cattle Steady-Higher
- Apr Hogs Steady-Lower
- Mar Dlr +.10
- Mar S&P -5.25
- Apr Crude -.15
- Apr Gold +4.30
Contact Allendale: 800-262-7538 service@allendale-inc.com www.allendale-inc.com
