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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.

Grain Shoppers Are Buying Elsewhere

Sep 07, 2012

Good Morning! Paul Georgy with early morning comments for September 7, 2012 at 5:10 am. Grain futures are lower in narrow trading ranges. World buyers of grains are tendering for US supplies but buying from other countries. Egypt bought a total of 475,000 tonnes of wheat from Russia, Ukraine and Romania. Some are thinking it could be optional origin because the price paid was higher than last week. This gave way to speculation that if Russia limits exports, one of the other countries would deliver the wheat. South Korea announced a purchase of 124,000 tonnes of corn from Brazil at $51 per tonne cheaper than US origin. That relates to $1.30 per bushel cheaper. South Korea bought 10,000 tonnes of feed barley from India, $6 per tonne cheaper than Brazilian corn. The USDA did announce a sale of 227,000 tonnes of corn to unknown buyer on Thursday. Although it is seasonally early for harvest, the talk of delays because of rain is providing support to futures prices. The southern hemisphere weather is drawing a lot of attention with northern Brazil being dry. The western wheat growing areas of Australia is also providing support to world wheat values. Labor Dept. Unemployment data will be released at 7:30 AM. The ADP numbers from yesterday are causing expectations to rise for this morning’s report. Estimates for next Wednesday’s USDA Report continue to come out. Informa will be releasing their estimate at 10:30 this morning. USDA Weekly export sales estimates for the 7:30 report: corn 200 to 350 tmt, soybeans 700 to 900 tmt, soymeal 150 to 200 tmt, soyoil 15 to 35 tmt and wheat 450 to 650 tmt. Cash cattle are at a standstill this week. Boxed beef was higher on Thursday with choice up .42 and select up .03. Cash hogs and futures continue to be hit with liquidation although pork cutout values were up .50.
Markets as of 5:10AM
Dec Corn    - 1/4
Nov Beans   -8 1/4
Sep Wheat   -3 1/2
Oct Cattle +.05
Oct Hogs    -.47
Sep S&P     +5.25
Sep Dlr     -.15
Oct Crude   +.31
Dec Gold    -7.30
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Oct Live Cattle has continued its sideways range. What is concerning is that we are struggling to find buying at the upper edge of the range that has capped this market for the last four months.…Frank La Placa
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Nelson Notes from the desk of Rich Nelson
A group of manufactures have filed suit against the Sugar Association claiming they are maligning high fructose corn syrup. The Sugar Association has recently begun calling cane sugar as "natural sugar". Corn refiners were recently set back when a federal court indicated they could not call HFCS "corn sugar".
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