Commodity wrap-up for business day 1/26/07
Corn Fundamentals: bullish to corn is the strong export pace for corn and historically tight end stocks both globally and domestically. Bearish to corn futures is the forthcoming Argentina corn crop. Argentina is the worldâ€™s second largest exporter of corn, one step behind the US. Estimates suggest the S American country is in the process of producing a record 21 MMT crop and is 49% higher than yr earlier levels. Neutral to corn futures is the debate of how many additional acres of corn to be planted in 2007 vs. 2006. the most recent range suggest 6 to 10 million acres with Allendale estimating 8.6 million more in 2007. In the background there is discussion of cotton and wheat acres giving way to even more corn acres beyond the most obvious of soybean acres loosing to corn.
Futures Price Action: be sure to visit our Historical Price Trend page of this report. There you will be able to see how futures on average have performed over the past ten years. Not only for next week but distance weeks as well.
2007 Price Projections Available: those of you with direct access to our web site may immediately pull up Allendale's July and Dec 2007 corn and wheat price projections as well as the July and November 2007 soybean futures price projections. Allendale does place much more weight on price and then timing of the futures price targets. If you do not have access to a personal computer, and do subscribe to our daily research, you may call 800 551 4626 and we can either fax or mail then via the post office to you.
Technicals: for the short term trader, Allendale uses its own custom Moving Averages to monitor price momentum, define key support and resistance levels as well as advise where key pivot points are located when bulls may turn bearish and bears to turn bullish. We also include last weekâ€™s closing price for the weekly chartist. A detailed technical look at the grains and livestock are available within our Allendale Advanced Charts.
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