Allendale Wake Up Call 10-8-13
Oct 08, 2013
Good Morning! Paul is out of the office this week, celebrating his 40th anniversary. In place of his usual morning notes, Paul thought it would be a good idea to give our non-subscribers a taste of some of our other reports. Have a great week!
Corn 10/7/13: More short covering was seen in corn today which offered a small bounce again. A key difference between today’s trade and the recent trade we have seen is that today showed very solid volume. This is a sign that for all contracts that short positions covered today was offset with quick selling. Yield reports continue to suggest that is the right course of action. If funds want…More Corn Comments
Soybeans 10/7/13: Beans put in anther choppy session as a lack of fresh news has the market acting erratically. It was officially announced today that the USDA will be delaying the release of the October crop report until an undetermined time. With the House, Senate and the White House digging in their heels, it looks like the budget mess will last for a while. The drop dead date to get a deal done is…More Bean Comments
Wheat 10/7/13: SovEcon has lowered its estimate for Russian wheat planting by almost 3.5 mln hectares to 13-13.5 mln hectares. As a result, Russia could lose up to 7.5 mmt of their wheat crop due to the excessive rainfall…More Wheat Comments
Lean Hogs 10/7/13: If USDA is right from their Hogs and Pigs report then a sharp ramp up in slaughter will be seen by the end of the month. This past Saturday the trade estimated a 55,000 head kill. The trade is estimating this coming Saturday will see 135,000. If USDA is right then…More Hog Comments
Live Cattle 10/7/13: Last week we looked at impact on cattle futures from the most recent extended government shutdown. Starting on December 5 of 1995 there was a 21 day shutdown which dropped the February contract 3.27%. A similar shutdown this year would put the December futures at 127.65. There was one more…More Cattle Commentary
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Markets as of 5:00 AM
- Dec Corn UNCH
- Nov Beans +5 1/2
- Dec Wheat +4 1/4
- Dec Cattle -.02
- Dec Hogs +.05
- Dec Dlr +.59
- Dec S&P -.75
- Nov Crude +.79
- Dec Gold -.16
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