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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.

Planters Roll Ahead Of Next Rain

May 15, 2013


Planters Roll Ahead Of Next Rain

Good Morning! Paul Georgy with early morning comments for May 15, 2013 at 5:10 am. Commodity prices are under pressure across the board this morning, while grain futures are lower as planting rolls throughout the Midwest. The May contracts of corn and soybeans expired in volatile fashion. The question traders are face with is will the July contract reach the level where May expired. Planting progress and weather forecast will play a big part in the value of July futures contracts. Farmers are holding on to unsold bushels until they can row the corn. Old crop soybean supplies are extremely tight and NOPA will release their crush data later this morning. Trade estimates are below last year’s crush. However in order to reach the USDA’s low target, the monthly crush figure must average 23% below last year’s level. Soybeans are finding support from news out of Sao Paulo, Brazil where Stevedores went on strike Tuesday afternoon at Brazil’s 3 main ports as their government votes on modernizing and privatizing ports. Planters are running with some producers saying they will work around the clock until next rain arrives. A ban of 100 miles either side of I-70 is expected to have significant moisture starting later this week. Technical levels to watch are Dec corn support at 5.20, November soybeans support crosses at 12.00 to 11.87 and July corn has resistance at 6.69.  Cash cattle have bids developing at 124 while feedlots are asking 127 to 128. Product values were higher and set new all-time highs for choice beef at 206.09 up .96. Select was up .24. A steady to higher cash trade could ignite June futures which are oversold and discount to cash. Pork futures saw fund buying yesterday as cutout values improved by .21. Sign up for the special offer for the Allendale Advisory Report.

Markets as of 5:10 AM

  • Jul Corn    -2 1/2
  • Jul Beans   -4 3/4
  • Jul Wheat   -4 3/4
  • Jun Cattle  +.02
  • Jun Hogs    +.22
  • Jun Dlr     +.22
  • Jun S&P     -1.00
  • Jun Crude   -.57
  • Jun Gold    -12.00


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