Harvest Progressing But At Slower Pace
Oct 21, 2013
Good Morning! Paul Georgy with early morning comments for October 21, 2013 at 5:00 am. Grain futures are higher in a quiet session. The lack of current USDA data has traders cautious.
The government is expected to release the weekly crop progress report this afternoon. Returning from my trip to Southern IL, I realize we have a lot of harvest yet to do. Producers are dealing with a corn crop that is slow to dry and a lot more volume to handle. Soybeans look ready but the intermittent showers are slowing harvest.
We'll discuss the market impact of lowering EPA's Renewable Fuel Standard in our next monthly webinar - 10/29/13 at 8:00 PM CDT. This is a no cost event, register here.
The USDA has put together a 2 week plan to get export sales updated. On October 24 they will release the data from week ending October 3. On October 31 they will give an update on sales from October 4 through 24.
The USDA released the weekly export data from the week ending September 26, on Friday. Corn was 775,200 tonnes, soybeans 860,700 and wheat 837,800 tonnes. The trade estimates for the week were 500 to 700 tmt of corn, 800 tmt to 1.1 mmt tonnes of soybeans and 500 to 750 tmt of wheat.
On a survey done by Reuters, traders raised their national average corn yield from 156.5 to 157.2 bushels per acre. Soybeans yield estimates were raised from 41.7 to 41.9 in the poll.
China says they are not going to stop auctioning beans from their reserve as they begin to buy beans to stock pile from domestic harvest.
Beef cutout values were mixed on Friday. Choice us up .26 at 196.29 and select was down 1.74 at 179.98. Cash markets traded at 129 to 130. The big, outside day reversal on Thursday cattle futures and then the slight rally on Friday has technical traders concerned of a near term top. Fundamental news could give us a higher opening this morning.
Pork cutouts were down 1.58 at 94.30. December hog futures have support at 86.00 and resistance at 89.00.
Call your Allendale Representative with question at 800-262-7538.
Markets as of 5:00 AM
- Dec Corn +1 3/4
- Nov Beans +3 3/4
- Dec Wheat +3 1/2
- Dec Cattle Steady-Higher
- Dec Hogs Steady
- Dec Dlr +.01
- Dec S&P +.75
- Nov Crude -.97
- Dec Gold +.80
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