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The Allendale Wake-Up Call

RSS By: Paul Georgy,

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.

Cash Markets Strong As Traders Get Ready For USDA Report

May 09, 2013

Good Morning! Paul Georgy with early morning comments for May 9, 2013 at 5:10 am. Grain futures are mixed. Forecasts are a bit drier this morning which is increasing the chances for planting progress. Traders continue to wrestle with the weather being less than ideal and the probability that the USDA could project a 2 plus billion ending stock for new crop corn. Ethanol production for last week was down 1.6% from last week and 6% lower than last year. Traders view this data as another reason to be concerned about old crop corn ending stocks increasing. The export data being released later this morning could also impact July–Dec spreads. Cash grain traders in Brazil said there were 3 cargoes of soybeans en route for US.  Midwest basis for corn and beans continue to strengthen. Decatur corn was up 5 cents and soybeans up 15 cents. Producers are not very interested in moving grain when they can do fieldwork. Funds sold 6,000 corn and 2,000 wheat contracts on Wednesday while buying a net 4,000 contracts of soybeans. Export Sales estimates for the data to be released at 7:30 this morning. Get our daily midday text for updates on this and other stories.

                        2012/13                  2013/14              
                        Estimates               Estimates                        
 Wheat          zero-200 tmt           300-600 tmt
 Corn             200-400 tmt           200-400 tmt 
 Soybeans      zero-100 tmt           400-600 tmt 
 Soymeal         50-150 tmt           zero-80 tmt   
 Soyoil            zero-10 tmt                zero        

Cash cattle traded this week at 126 which 2.00 lower than last week. Boxed beef prices jump to new all-time highs as retailers buy for Memorial Day and the official beginning of cookout season. Choice was up 3.48 and select up .37. The feeder cattle index is 135.67 down .14. Pork cutout values were down .20. Call your Allendale broker for more market insight. Or get the full story by subscribing to the Allendale Advisory Report

Markets as of 5:10 AM

  • Jul #Corn    -1
  • Jul #Beans   +4 3/4
  • Jul #Wheat   – 3/4
  • Jun #Cattle  -.12
  • Jun #Hogs    -.07
  • Jun Dlr     +.02
  • Jun S&P     -1.25
  • Jun Crude   -.48
  • Jun Gold    -2.50


View the Chart of the Day

Contact Allendale: 800-262-7538

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