Higher Grains This Morning
Feb 28, 2013
Good Morning! Paul Georgy with early morning comments for February 28, 2013 at 5:05 am. Grains are higher, led by the nearby contracts. Bull spreading in #corn and #soybeans has been a feature the last few days. The March contracts have been supported by lack of farmer selling, strong cash markets and possible lack of deliveries. Weekly export sales will be released later this morning. Trade estimates are: corn 350 to 450 tmt, soybeans 750 to 1,000 tmt, soymeal 150 to 300 tmt, soyoil 15 to 30 tmt and wheat 400 to 600 tmt. The improving moisture conditions in Argentina has stabilized the crop and should have put a floor in production estimates. #China and Unknown were reported buying beans yesterday. The port issues in #Brazil will likely be on trader’s minds as tight supplies prevail in the US. The PNW dock worker problems are not over. It was reported yesterday that one firm locked out workers due to fear of sabotage of operations. Livestock producers have had a week and a half of weather related problems and a backlog of market ready cattle and hogs. Over the next two weeks we will have to run extra numbers through the line. This will keep cash, and therefore futures, on weak footing. Boxed beef was higher on Wednesday with choice up 1.06 and select up 2.30. Pork cutout values were up .33. The feeder cattle index was down .10 to 138.21. If you are in the Riverside IA area stop by and join us for the Allendale and AgriGold Meeting which starts are 4:00 pm today. Don’t forget to fill out the Planted Acreage survey at www.allendale-inc.com.
Markets as of 5:05 AM
- May Corn +4 1/2
- May Beans +7
- May Wheat +8 1/4
- Apr Cattle -.05
- Apr Hogs -.22
- Mar Dlr +.04
- Mar S&P +1.75
- Apr Crude -.32
- Apr Gold -8.90
Contact Allendale: 800-262-7538 service@allendale-inc.com www.allendale-inc.com
