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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.
 

Narrow Ranges in Grains Overnight

Nov 29, 2011

 

Good Morning! Paul Georgy with early morning comments for Nov. 29, 2011, at 5:20 am. Grain markets were relatively quiet overnight. The euro is stronger as EU leaders arrive in Brussels for another meeting. The eurozone problem does not want to go to sleep. Talk of a breakup of the eurozone or the possibility of Germany pulling out sounds like a political bluff. Yesterday the talk was that a solution was in the making. European leaders were in Washington meeting with President Obama. Today back to Brussels to work out the reform and the distribution of the European Financial Stability Facility’s 420 billion euros. One thing is for certain, tensions are increasing and large specs are decreasing position size as reported by the CFTC Commitment of Traders report.

Weekly export shipments were in line with trade expectations. Celeres' weekly export data showed Brazil has sold 38% of the 2011/12 bean crop compared to 36% last year. Agroconsult has estimated the 2011/12 bean crop at 74.8 mmt, which is an increase of 1 mmt from its last estimate. Deliveries for the December contract start tomorrow, with no corn deliveries expected. Cattle futures struggle to close higher on Monday while product slides again. Choice beef was down 0.30 and select down 0.09. Pork cutout was up 0.70 on Monday. Lean hog futures retraced all of last week’s gain in one session.

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Markets as of 5:20AM
Corn: 3 to 4 higher               Beans: 6 to 8 higher            Wheat: 4 to 6 higher
Live Cattle: 10 to 20 lower                          Lean Hogs: 10 to 25 higher
Dollar: .59 lower                    Crude: .80 higher                  Gold: 4.60 higher
 
Allendale Advanced Charts
KC wheat held above last Friday’s low on Monday, but closed near session lows. We have not seen prices this low since July 2010. The next area of support is down at 6.24. See trade recommendation in Allendale Advance Charts, page 9.

Nelson Notes from the desk of Rich Nelson

The Commerce Ministry forecasts soybean imports in November will total 5.63 million tonnes. This would be a good increase over October’s 3.81 million tonnes.

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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