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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.

Debate on Weather Still Drives Markets

Jun 05, 2013

Good Morning! Paul Georgy with early morning comments for June 5, 2013 at 5:05 am. Grains futures are mixed this morning with July futures firm while new crop contracts are lower. Traders continue to debate the weather forecast and that will continue to happen until 95% of corn and beans are planted. The tight cash supplies of old crop corn and beans keep the spreads very active and volatile. Two major funds will begin rolling positions out of the July contracts starting Friday which is expected to run for 5 days. The USDA Crop Production Report will be released next Wednesday. The debate on actual planted acres will flare up as we get closer to  the June 28th Planted Acreage Report (which many think is the biggest report of the year). The European Commission has reduced their wheat production by 1.8 mmt however total production will exceed last year’s by 4.1 mmt. Early wheat yields out of TX and OK have a very wide range (6 to 35 bushel per acre). Brazil exported a record 7.95 mmt of soybeans in May. Corn basis was firmer in the eastern Corn Belt but weaker along the Mississippi river mostly due to river closings. Cash hogs remain firm as supplies are tight. Pork cutout values were up .71 on Tuesday. Boxed beef slipped as choice was down .88 and select was down 1.35. Packers are expected to bid 121 to 122 this week in the South. The feeder index was down .27 to 132.87. Friday’s monthly employment report will be watched closely. Keep in mind, the May report showed a good rebound in employment. That could lead a few bulls to suggest this market has enough downside priced in. More details can be found in the Allendale Advisory Report.

Markets as of 5:05 AM

  • Jul #Corn    +1 3/4
  • Jul #Beans   + 1/2
  • Jul #Wheat   + 1/2
  • Aug #Cattle  -.37    
  • Jul #Hogs    +.25
  • Sep Dlr     -.02
  • Sep S&P     -5.25
  • Jul Crude   +.38
  • Aug Gold    +.50


View Today’s Chart of the Day

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