Allendale Wake Up Call 101013
Oct 10, 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 10/9/13: Early this morning there was talk about the light showers expected this weekend causing harvest delays, more talk that China bought 450,000 tonnes of corn last week and also word that South American corn acres will be slightly lower. All of this just so happened to occur after the 440 short term support level was hit to offer another short term bounce to start the day. Once again it is easy for…More Corn Comments
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Soybeans 10/9/13: The soybean market put in a choppy session as volume remains low. We anticipate that this type of trade action will be the norm until the USDA is funded and starts issuing their normal reports. The October WASDE report was to be released on Friday and that has been delayed until an undetermined date. The early harvest results were reported to be "better than expected" and this put downward pressure to the market early in the harvest. Now it seems that…More Bean Comments
Wheat 10/9/13: Russia’s winter wheat sowings are now at 9.1 mln hectares, which is about half of intended area as of yesterday. Last year’s sowings totaled 13.8 mln hectares at this time….More Wheat Comments
Lean Hogs 10/9/13: Yesterday we discussed the fact that hog slaughter is running under USDA’s Hogs and Pigs estimate. The September 1 to mid-October kill should be around 3.5% smaller than last year. It has actually run a large 6.9% under last year including this week. While this comparison with USDA’s pace is a very valid concern for us right now (bullish) we must also point out…More Hog Comments
Live Cattle 10/9/13: South Korea’s announcement that it had suspended beef purchases from one US beef plant may not have been the major issue here, but it added onto a growing discussion about demand. For the statistics, South Korea took only 7% of our exports in the most recent month available. Because this is a limited suspension, and only from one plant, we…More Cattle Commentary
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Markets as of 5:00 AM
- Dec Corn +2
- Nov Beans +9 1/4
- Dec Wheat +3 1/2
- Dec Cattle -.02
- Dec Hogs -.02
- Dec Dlr +.94
- Dec S&P +14.75
- Nov Crude +.42
- Dec Gold -.84
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