CBOT Grain Futures Calls:

-December corn called steady to 2 higher.

-January soybeans called 1 to 4 higher.

-December CBOT wheat called 2 to 5 higher.

US dollar is down 9 at 75.51. December crude is down $.14 at $80.36. Dow futures are up 11 points.

Economic Information:

-Third quarter GDP results will be out on Thursday. The trade expects growth totaled 3.3% which would likely put an end to the recession.

-South Korea reports its third quarter GDP rose 2.9% compared with second quarter numbers. That represented the largest single quarterly growth since 2002.

-Aside from GDP, we will also hear reports on housing prices, new home sales, consumer confidence, and durable goods orders.

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Weather:

-This week’s forecast is wetter than it was Friday. Blizzard conditions are seen for the northern plains and Canada into the weekend. Next week’s forecast is a little drier, but still generally wet conditions.

Grain Market Influences:

Corn summary… Who was going to win out? Either the big spec traders watching the outside markets suggest a small setback or the other spec traders who were watching the forecast for more rain.

Soybean summary… This was the market that can be expected to have a larger jump higher due to weather. There is also talk of poor bean quality in the delta from the massive amounts of rain they have had to take on.

Moisture and losses in the Mississippi Delta are garnering the trade’s attention.

China estimates November soybean imports at 2.340 million tonnes. That would be slightly higher than the 2.126 million tonnes expected for October.

Wheat summary… Once again this is the market most affected by the outside market spec traders. Much like the corn wheat saw initial buying based on wet weather then the funds took over to cause a large scale sell off going into the close.

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Livestock Comments:

-Wholesale beef closes up $1.27 for choice and up $.57 for select.

-Pork carcass cutout closes up $.65.

-Cash hogs are called steady to 50 cents lower.

Livestock Futures:

December Lean Hogs are called steady to 10 higher.

----Chart support 53.10 and resistance 55.20.

December Live Cattle futures called 10 to 20 higher.

----Chart support 85.20 and resistance 87.60.

November Feeder Cattle futures are called steady to 10 higher.

----Chart support 94.75 and resistance 97.00.

Livestock Market Influences:

President Obama declares H1N1 a national emergency. Congress tells him they’ll put up more money for the fight if needed. So far there is no much effect on domestic pork demand.

Lean hogs summary… USDA estimated this week’s kill at 2.323 million head. That comes out to a 1.3% increase over last year at this time. That also takes some of the “tight supply” concerns that the last two weeks of hog kill (-3.5% and -2.9% from previous year) had shown.

Live cattle summary… So, $85.50 and $86 were the ending cash cattle trades this week. That represents a $5 jump in cash cattle in two weeks! While some of the trade is suggesting this strong move in cash and futures is some kind of outside money issue we do not agree.