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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 Waiting For USDA Report

Jan 10, 2013

Good Morning! Paul Georgy with early morning comments for January 10, 2013 at 5:10 am. Grain futures are mostly higher overnight. South Korea rejected offers on their tender to buy corn siting prices were too high. We will be getting weekly export sales data this morning at 7:30. Trade estimates for the sales are: corn 100 to 200 tmt, soybeans 200 to 400 tmt, soymeal 75 to 175 tmt, soyoil 35 to 65 tmt and wheat 325 to 425 tmt. Egypt put out a tender for an unspecified amount of wheat from optional origin. Wheat prices at the US gulf have slipped enough to become competitive. USDA is expecting the crop insurance pay-out on 2012 crops to be $10.69 billion. That total is just slightly less than the record pay-out of $10.84 in 2011. It appears the work being done on the Mississippi River near Thebes, IL should be completed by the end of this week giving barges an additional 2 foot draft. The US Ag Department declared a major portion of the HRW area a natural disaster area yesterday. As of yesterday's close, March corn had rallied 14 cents in 3 sessions which relieves the technical oversold condition. Traders seem to be prepared for anything the USDA may deliver on Friday at 11:00 am. March soybeans have relieved some of the oversold condition however the 13.55 area is key support. Kansas feedlots are still holding out for 130 for cash cattle. Futures met some selling by funds when key moving averages were broken. Product has not performed like most thought it would to start the year. Boxed beef was mixed on Wednesday with choice down .43 and select up .22. Pork futures touched limit down on liquidation and larger live hog supplies. Pork cutout was down .07. Those of you coming to the Allendale Ag Leaders Conference on Jan 25 and 26, make sure you have reserved your hotel room and are getting the Allendale discount.
Markets as of 5:10 AM
  • Mar Corn    +3 1/4
  • Mar Beans   + 1/2
  • Mar Wheat   +5 1/2
  • Feb Cattle  +.10
  • Feb Hogs    +.17
  • Mar Dlr     -.16
  • Mar S&P     +3.75
  • Jan Crude   +1.29
  • Feb Gold    +6.80
Contact Allendale: 800-262-7538

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