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The Allendale Wake-Up Call

RSS By: Paul Georgy, AgWeb.com

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.
 

How Much Was Planted Last Week?

May 13, 2013

Good Morning! Paul Georgy with early morning comments for May 13, 2013 at 5:10 am. Grain futures are higher but off early session highs. Traders are still digesting the USDA report on Friday which the numbers were bearish. Their forecast for ending stocks to reach 2.004 billion bushel in corn for 2013/14 maybe aggressive thinking. Planting progress this afternoon will tell the story. Many traders are thinking we could have 30% planted, up from 12% last week. There are some expecting that US farmers could have as much as 35 to 40% of corn in the ground. Average for this week is 68% planted. Soybean planting could be 8-10% complete. Weather should be open for a few days this week. The next system is due this weekend and early next week. CBOT May contracts will expire tomorrow. Expect very volatile markets as the open interest is liquidated. Friday’s CFTC report showed managed money reduced longs in soybeans by 18,246 contracts and increased longs in corn by 16,135 contracts. Dec corn has chart support at 5.22 to 5.17 areas. A close below that level would open the door for aggressive selling. The November soybeans have support at the 12.00 level. Allendale will have more comments on the report and the impact on price outlooks at the Monday afternoon research meeting. It will be available to subscribers later today. Boxed beef was mixed on Friday with choice down .51 and select up .17. The feeder cattle index was down .59 to 134.35. Pork cutout values were up .70. Sign up today for the 11:30 update text on your cell phone.

Markets as of 5:10 AM

  • Jul #Corn    +1 3/4
  • Jul #Beans   +1
  • Jul #Wheat   + 3/4
  • Jun #Cattle  Steady-Lower
  • Jun #Hogs    Steady-Lower
  • Jun Dlr     +.01
  • Jun S&P     -6.50
  • Jun Crude   -1.00
  • Jun Gold    -8.60

 

View the Chart of the Day

Contact Allendale: 800-262-7538 service@allendale-inc.com www.allendale-inc.com

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