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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.

Grains are Waiting for Export News

Mar 14, 2013

Good Morning! Steve Georgy with early morning comments for March 14, 2013 at 5:05 am. Corn and wheat are just a touch higher with beans falling back again. This reminds me of the same setup as yesterday. USDA will release export data this morning at 7:30 central time. Corn is expected to see sales of 300,000-500,000 tonnes , wheat should have sales between 500,000 and 1.0 million tonnes and beans are expected to see a huge 1.0 million to 1.5 million tonnes. Yesterday beans were the leader lower. Most of the talk was that China had returned some purchases from South America. This is not a surprise due to the fact that Brazil has a 50 day back up in there ports. The cancellation was for March /April deliveries. 50 days takes you past the end of April at this point. However it was enough to change the emotion of traders. We will need to see if there are any additional sales made today here in the US. Those sales would be seen at 8:00 central time. Corn broke early yesterday but was supported by wheat. That relationship may continue now that corn and wheat are at the same price once again. We are still hearing that some ethanol plants are still considering wheat instead of corn. This news will most likely supporting wheat from these levels. The funds are short wheat and could come out of those positions and give the wheat a short term lift in price. Yesterday it was announced that the US bought 400,000 tonnes of sugar that will be used for ethanol as well. This isn’t bullish corn. There were rumors circulating that Mexico bought wheat from the US instead of corn due to the price difference as well. This will be interesting to see if this is true and should be reported today if it is.

Markets as of 5:20 AM

  • May #Corn    Unch
  • May #Beans   -8 1/2
  • May #Wheat   +1/2
  • Apr Cattle  +.20
  • Apr Hogs    +.30
  • Mar Dlr     +.14
  • Mar S&P     +2.00
  • Apr Crude   +.10
  • Apr Gold    -4.00


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