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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 Start The Week Lower

Jul 29, 2013

Good Morning! Paul Georgy with early morning comments for July 29, 2013 at 5:00 am. Grain futures are lower on follow through selling from last weeks liquidation. Weather forecast is for cool temps to stick around this week with a chance of rain moving throughout the cornbelt late this week. We are only 2 weeks away from the August crop report which will attract a lot of attention. Traders will be hoping to get some adjustment on harvested acres and yield. With last weeks cool temps and rainfall over much of the Midwest, traders are expecting to see an improvement in crop conditions. There are analysts already talking about the potential for corn yields to come in around 160 bushel per acre on the Aug report. That is significantly different than what we were hearing last week. The CFTC commitment of traders report showed managed money funds increased short positions in corn by 46,099 to 83,361 contracts. They reduced longs in soybeans by 14,790 and increased shorts in wheat by 14,401. On this report, the CFTC also showed that non-commercial traders increased longs to a record net long position in crude oil. Chart support in Dec corn now is near the 4.60 level and November soybeans have support at the 12.00 level. Livestock futures are looking for some supportive fundamental news such as an improvement in retail demand. Friday dressed meat closed the week with choice down .51 and select up .01. Cash cattle closed out the week at 121 which was 1.00 higher. Pork cutout values were down .05. The CME feeder index was 145.63 down .63 on Friday. Get the full story by subscribing to the Allendale Advisory Report.

Markets as of 5:00 AM

  • Dec Corn -3 1/4
  • Nov Beans -12
  • Sep Wheat -1
  • Aug Cattle Steady-Higher
  • Aug Hogs Steady-Lower
  • Sep Dlr -.12
  • Sep S&P -4.50
  • Sep Crude -.15
  • Aug Gold +10.70


View Today’s Chart of the Day

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