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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.
 

Lower Corn And Wheat

Apr 24, 2013

Good Morning! Paul Georgy with early morning comments for April 24, 2013 at 5:10 am. Grain futures are mixed. Old crop soybeans are stronger as tight supplies provide buying interest. Corn and wheat are lower as we approach first notice day. Goldman Sachs lowered its outlook for commodities on Tuesday which has been weighing on trader’s minds. China reported another death from bird flu. That, coupled with weaker economic data has grain traders reducing the estimated amount of soybeans they will need to import this year. Oil World reports that the Ukraine’s oilseed crop is expected be a record production in 2013. Funds were estimated to be net sellers of 8,000 corn contracts, 2,000 wheat and 4,000 soybean contracts yesterday. Brazil has cut the tax on ethanol which will be a huge support to their sugar industry and make their ethanol more competitive. The Macon, MO ethanol plant is back on line after a technology improvement to extract corn oil. Allendale’s April Ag Leaders webinar next Tuesday will discuss planting and yield effects on 2013 production. Sign up today! Cash cattle traders have a larger showlist this week. Packer’s margins are in the red. Retailers are buying more meat as they seem to be getting ready for the beginning of the cookout season. Boxed beef was higher on Tuesday with choice up .63 and select up .11. Cash hogs are higher and pork cutout values improved .97. Have you signed up for the free daily text from Allendale?

Markets as of 5:10 AM

  • May #Corn    -1 1/2
  • May #Beans   +3
  • May #Wheat   -5 1/2
  • Jun #Cattle  +.35
  • Jun #Hogs    +.27
  • Jun Dlr     -.14
  • Jun S&P     -4.00
  • Jun Crude   +.72
  • Jun Gold    +13.00

 

View the Chart of the Day

Contact Allendale: 800-262-7538 service@allendale-inc.com www.allendale-inc.com

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