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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 Lower On Profit Taking

Mar 28, 2013

Good Morning! Paul Georgy with early morning comments for March 28, 2013 at 4:15 am. Grains futures are lower in a quiet session. Traders are waiting for the USDA Reports and making final adjustments in positions. Weekly export sales will be released at 7:30 this morning. Trade estimates for corn are 100 to 300 tmt, soybeans 150 to 500 tmt, 20 to 150 tmt, soyoil -15 to +20 tmt and wheat 200 to 500 tmt. The Prospective Plantings report at 11:00 has the trade average estimates as: corn 97.3 mil acres, soybean 78.5 mil acres, all wheat 56.4 mil acres, other spring wheat 12.5 mil acres, Durum 2.1 mil acres and cotton 10.8 mil acres. The grain stocks average estimates are: corn 5.030 mil bu, soybeans .947 mil bu and wheat 1.167 mil bu. Other news has corn basis heavy as export demand is nil and Argentina corn premiums continue to slide. Reports suggest Argentina corn is 65 under May futures FOB their ports. Japan’s Industry of Ag has said they are planning to buy nearly 5.00 mmt of foreign wheat during the next year. The BA Exchange reported Argentina corn harvest is 18.3% completed while soybeans are 6% harvested. India has begun to export corn at prices $20 to $25 per cheaper than Argentina. The Global markets are watching the euro, which is trading at 4 month lows, as Cyprus is expected to reopen banks. A few cattle traded at $125 which is steady with last week. Beef cutout values continue to slide as we go into the Easter weekend. Choice was down .47 and select was down .66. Pork cutout values were down .70 on Wednesday. Livestock traders will be waiting to see the release of the grain stocks and outlook for planted acres as feed costs are weighing on profitability. Check the Allendale website after 12:00 for Rich Nelson's YouTube update with his analysis and highlights of the USDA Reports.

 Markets as of 4:15 AM

  • May #Corn    - 1/4
  • May #Beans   -3 1/2
  • May #Wheat   +2 1/2
  • Apr Cattle  +.17
  • Apr Hogs    -.22
  • Jun Dlr     -.01
  • Jun S&P     -4.25
  • May Crude   -.02
  • Jun Gold    -1.60


Contact Allendale: 800-262-7538

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