Harvest Progress Rolls On
Oct 14, 2013
Good Morning! Paul Georgy with early morning comments for October 14, 2013 at 5:00 am. Grain futures are higher on short-covering after last week’s sell off. The equity markets are lower as hopes of a quick resolution in Washington wane.
The government shutdown continues with both sides digging in. When listening to some of the talk shows over the weekend it appears the debt ceiling issue is not enough to get all parties to sit down and work out a solution.
Of course, there will be no USDA numbers but trade is guessing soybean harvest is 35 to 40% complete compared to an average of 58%. Corn harvest is expected to be 25 to 30% done versus an average of 38%.
DeKalb County IL is reporting some huge soybean yields. Other bean harvest results are better than expected as well.
Tuesday at 11:00 am NOPA will release their September crush numbers, average trade estimate is 106.4 million bushels.
EPA said late on Friday that no final decision on 2014 RFS will be made without ‘full opportunity’ for all stakeholders to comment.
The forecast for the cornbelt has some showers moving across the area early this week then drier colder air moving in. There is a chance of frost for the northern half later this week, says weather forecaster John Dee. Temps could be the mid 30’s by Friday morning.
Argentina received better than expected rains over the weekend. Brazil continues to receive plenty of moisture. Wheat harvest in Brazil continues to battle poor quality.
Egypt’s GASC buying group says they canceled a wheat tender because of high prices, not financing problems.
The October Lean Hog contract goes off the board today.
There were 10 re-tenders against the October Live Cattle contracts with the date through September 17, 2013. Cash cattle traded at 128 on Friday which was 2.00 higher than last week.
Call your Allendale Representative with question at 800-262-7538.
Markets as of 5:00 AM
- Dec Corn + 1/2
- Nov Beans + 8
- Dec Wheat +1 1/4
- Dec Cattle Steady-Higher
- Dec Hogs Steady
- Dec Dlr -.06
- Dec S&P -12.25
- Nov Crude -.36
- Dec Gold +9.30
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