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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.
 

Markets Rebound On Planting Data

May 07, 2013

Good Morning! Paul Georgy with early morning comments for May 7, 2013 at 5:00 am. Grain futures are higher. Planting progress for corn in the US was 12% complete vs. 5% last week and 47% on average. The average increase for corn planting is 18% for last week. Soybean progress nationally was 2% compared to average of 12%. Wheat conditions fell by 1% in the good to excellent category. The slowest corn planting pace was 10% in 1984. The yield that year was only slightly below trend. The next question is how much the USDA will lower yield from trend (which is 163.5) on Friday’s supply and demand report. Rich Nelson says it is likely we could see a yield of 159.4 on this report. However ending stock in corn for the 2013/14 marketing year could still be 2.035 million bushel. USDA will use the acres reported in the March Prospective Plantings Report.  Boxed beef values dropped on Monday after posting a record high on Friday for choice. Choice was down 1.42 and select was down .52. Feeder index was up .29 to 135.96.  Pork cutout value was down .17. The balance sheet equation for pork this year is simple: Pork production down 1% plus exports are down 18% which equates to 3% more pork for US consumers. Call your Allendale broker to discuss in detail. Get the full story by subscribing to the Allendale Advisory Report.

Markets as of 5:00 AM

  • Jul #Corn    +4 1/2
  • Jul #Beans   +7 3/4
  • Jul #Wheat   +5
  • Jun #Cattle  -.05
  • Jun #Hogs    +.12
  • Jun Dlr     +.00
  • Jun S&P     +1.00
  • Jun Crude   -.56
  • Jun Gold    -6.60

 

View the Chart of the Day

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

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