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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.
 

Large Bean Deliveries Narrow Spreads

Apr 30, 2012

Good Morning! Paul Georgy with early morning comments for April 30, 2012 at 5:10 am. Corn and soybeans futures are lower. Deliveries were a surprise for traders as many were expecting no deliveries in soybeans and corn. However there were 752 beans delivered as well as 3392 bean oil and no corn or meal. Wheat deliveries were lower than expected with only 2 contracts when expectations were for sizeable number of contract. The Kansas wheat tour starts this week. We should be getting data from it later in the week. We would expect with conditions excellent, yield could be surprising large. Brazil's ABIOVE group now estimates 65.9 mmt of soybeans will be harvested in Brazil down from March forecast of 69.5 mmt. Others continue to lower South America productions. This will end soon as harvest is nearing completion. Planting progress will be released this afternoon and we are estimating corn to be 44% complete, from 28% last week. Soybeans should see 11% complete vs. 6% last week. CFTC Commitment of traders report showed managed money reduced net long corn positions by 43,511 contracts and increased soybean longs to another record position. In wheat, managed money reduced short positions by over 10,000 contracts. The bottom line funds reduced overall investment in grain commodities last week. With the sharp break in livestock futures managed money had only minor reduction in long positions. Beef cutout values fell slightly on Friday. Choice was down .47 and select was down 1.25. Pork cutout values were up .14 on Friday. Livestock will be watching the stock indexes for direction at 9:05. Stay in touch with Allendale Research 800-262-7538. Just announced were the dates for the Allendale Ag Leader’s Webinar Series, go to www.allendale-inc.com and get signed up today.
 
 
Markets as of 5:10AM
May Corn    -2
May Beans   -12 3/4
May Wheat   -6
Jun Cattle stdy-lwr
Jun Hogs    stdy-lwr
Jun S&P     -2.50
Jun Dlr     +.10
May Crude   -.67
June Gold   -1.80
 
Here are just a few of the reports we follow and record historical data on for our subscribers:
 
Allendale Advanced Charts
Corn finished the week on strong note as bulls pushed prices back above the 20 day moving average. The 50 day average would be next resistance at 6.37 in the July contract.

Our subscribers have access to technical analysis for corn, beans, wheat, cattle, hogs, crude and dollar markets.
 
Nelson Notes from the desk of Rich Nelson
The Bureau of Economic Analysis, a division of the US Commerce Department, released its first estimate of first quarter GDP this morning. Economic growth was seen at 2.2% over last year in the same quarter. That was lower than Q4’s 3.0% growth and also lower than the average guess of 2.5%.
Contact Allendale: 800-262-7538 research@allendale-inc.comwww.allendale-inc.com
 
There is a significant risk of loss when trading futures and options contracts. This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named, and each investor should consider the appropriateness of trading on this information, based on their objectives. The factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. Past performance is not indicative of future results.

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