Sep 22, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin


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.
 

Farmers Move Some Corn

May 22, 2013

Good Morning! Paul Georgy with early morning comments for May 22, 2013 at 5:10 am. The Allendale Ag Leaders Webinar is only a few days away. Get the full details, sign up today and join Rich Nelson and an agronomist from Legend Seed. Grain futures are mixed as old crop contracts are weaker and new crop contracts show some short covering overnight. Cash movement picked up some yesterday as farmers that finished planting were willing to sell some old inventory. Basis at some Midwest terminals slipped due to this movement of corn and soybeans. We are hearing elevators are now pricing off of the August beans and December corn contracts in some locations. Spreads between old crop and new crop futures contracts are the feature at the CME. Profit taking in the bull spreads should be supported by tight cash supplies of both corn and soybeans. Traders are thinking progress this week could take corn to 90% planted by next Sunday. Funds sold a net 9,000 contracts of corn and 1,000 wheat contracts. Estimates are they bought 4,000 soybean contracts. The Senate will continue to debate the Farm Bill today. Oil World said they believe China will increase soybean imports during May and that it is likely the US will import 32 million bushel of soybeans this year. Boxed beef values were mixed on Tuesday with choice up .41 and select down .44. The feeder cattle index was down .45 to 131.53. Rich Nelson says "there are some clear seasonal price movements that all hog market participants need to be aware of. Typically, hog prices rally into the second or third week of May. After that is accomplished though, cash hogs trade in a big sideways range with some two week swings up and down along the way." Pork cutout values were up .31 on Tuesday. You can subscribe today at a special rate to the Allendale Advisory Report and get the full story.

Markets as of 5:10 AM

  • Jul Corn    – 1/4
  • Jul Beans   -3 3/4
  • Jul Wheat   +2 1/2
  • Jun Cattle  +.25
  • Jun Hogs    +.30
  • Jun Dlr     -.09
  • Jun S&P     +1.00
  • Jul Crude   -.71
  • Jun Gold    +7.70

 

View Today’s Chart of the Day

If you have any questions on any of our material, give us a call at 800-262-7538.

Contact Allendale:

Email: service@allendale-inc.com

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions