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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.
 

Corn Planting Increases To 95% Complete

Jun 11, 2013

Good Morning! Paul Georgy with early morning comments for June 11, 2013 at 4:40 am.  Grains futures are higher on short covering ahead of tomorrow’s Supply and Demand report. USDA put corn planting progress at 95% which was higher than trade estimates. The states of IA, MO, ND and WI are well behind normal and rain continues to inundate these areas. Producers are struggling with their options. There will be corn planted in some areas as livestock producers need feed. Overall, corn conditions improved by 2% in the G/E category. Soybean planting progress improved by 14% to 71% complete. Soybean traders are expecting more acres will shift from corn to soybeans. However, before we get the actual planted acreage numbers on June 28, the USDA will release monthly supply and demand estimates on Wednesday morning at 11:00 am. Our research suggests the USDA typically does not change the planted acreage or yield for corn or soybeans on the June S+D Report.  Farmers in Argentina are expected to go on strike today. The Ukrainian Ag Minister says they are expected to increase grain exports this marketing year. Chinese markets are on holiday until Wednesday. Bull spreads are being supported on tight cash grain supplies. There were no cattle deliveries against the June Live Cattle contract. The oldest date was August 3, 2012. Boxed beef values rebounded on Monday with choice up 1.59 and select up .07. Hog markets have gone parabolic on technical and fund buying. The purchase of Smithfield by a Chinese company has traders expecting big things when it comes to pork exports. We suggest proceeding with caution at these levels. Thanks for participating in the survey on Monday Wake-Up-Call. See the results below.

Where would you be a seller of November soybean futures?

At current price level…approx $13.25–37.09%
Wait until $14.50–48.34%
Wait until $15.50–14.57%

 

Markets as of 4:40 AM

  • Jul #Corn    +3 1/4
  • Jul #Beans   +8 1/2
  • Jul #Wheat   -2 1/4
  • Aug #Cattle  +.10
  • Jul #Hogs    +.97
  • Sep Dlr     -.17
  • Sep S&P     -11.50
  • Jul Crude   -.37
  • Aug Gold    -18.10

 

View Today’s Chart of the Day

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