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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.

Markets Quiet Down For The Moment

Apr 03, 2013

Good Morning! Paul Georgy with early morning comments for April 3, 2013 at 5:01 am. Grains futures are mixed. A much quieter session overnight as the world returns to work. Europe returned yesterday and Argentina returns from holiday today. Funds slowed down their activity yesterday, only selling an estimated 6,000 corn contracts, while being was even in the soybean complex and buying 3,000 wheat . Traders now believe that cash trade is the key to finding a bottom in the corn market. Basis firmed at rail locations and central IA ethanol plants, however CIF basis was steady. Demand for US corn is dismal mainly because of price. South Korea bought 1 cargo of corn out of Argentina at $30.00 under US prices. Comparing the value of soybeans at the Brazilian port of Paranagua to the US Gulf, Brazilian beans are $1.00 per bushel cheaper. Trade is starting to realize that the Brazilian port delays are improving. Oil World said in a report, "Brazilian exports have started to pick up and it can be expected that the worst of the export delays is over." Argentina has resumed shipping soybeans to China. We are not the only market anymore. The weather forecast is for 1+ inch of rain in TX and OK this weekend which should be beneficial to wheat and any planted corn. The Midwest is expected to warm up with rain which should warm up soil temps very quickly. It is likely there will be some corn planted in Southern IL and IN before the rain arrives. Don’t expect any USDA planting progress reports until April 15. You can see and hear clips from the Allendale Strategy Session Meeting by clicking on the link or going to our Nelson's Notes page. Boxed beef values showed some improvement on Tuesday. Choice was up .89 and select was up .91. Livestock futures were hit with selling yesterday as money moved out of commodities into the stock market which made new all-time highs. Pork cutout values were down 1.05. The feeder cattle index was steady at 138.69. Product demand is still the key to rallies in the cattle and hog complex. If you are not a subscriber to the Allendale Advisory Report I suggest you sign up today. We expect some volatile markets as we move into the summer and you want to be in touch.

Markets as of 5:01 AM

  • May #Corn    +3 1/4
  • May #Beans   -3 1/4
  • May #Wheat   +8 1/4
  • Apr #Cattle  +.22
  • Apr #Hogs    -.12
  • Jun Dlr     -.03
  • Jun S&P     +2.75
  • May Crude   -.40
  • Jun Gold    -7.50

Contact Allendale: 800-262-7538

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