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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.
 

Gold Selloff Leads Grains

Apr 15, 2013

Good Morning! Paul Georgy with early morning comments for April 15, 2013 at 4:58 am. Grain futures are lower on carryover pressure from metals and crude. Gold is down nearly $100 per once and crude oil is down almost $3.00 per barrel. The moisture forecast has very little change since Friday. The next 4 days are expected to be wet with some areas of the cornbelt getting 2 to 4 inches. This afternoon, we get the first USDA weekly planting progress report for corn. Analysts are expecting 4 to 6 percent planted compared to last year of 17% and average of 6%. Wheat conditions are expected to be 2% lower in the G/E category due to last week’s freeze in the southern plains. There is another cold wave moving into the southern plains on Thursday morning which will be watched closely. The CFTC commitment of traders report showed managed money reducing long positions in corn by nearly 44,000 which puts them net long of only 51,000 contracts. They reduced longs in soybeans by 15,000 contracts, leaving them long 62,600 contracts. NOPA will release the March crush data this morning. We are reminded that the last 2 data results were disappointing. Weakness in metals and economic data releases this week will like have an impact on market movement. Livestock traders are looking to Friday’s Cattle-on-Feed Report to provide some buying support. Boxed beef prices closed the week mixed. Choice was down .63 with select up .15. Pork cutout values were down 1.15 on Friday. The feeder cattle index was down 1.10 to 138.18. For a complete look at all of our advisory services, subscribe to the Allendale Advisory Report today.

Markets as of 4:58 AM

  • May Corn    -7
  • May Beans   -2 1/4
  • May Wheat   -10
  • Jun Cattle  Steady-Lower
  • Jun Hogs    Steady-Lower
  • Jun Dlr     +.07
  • Jun S&P     -9.75
  • May Crude   -2.82
  • Jun Gold    -108.00

 

Contact Allendale: 800-262-7538 service@allendale-inc.com www.allendale-inc.com

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