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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.
 

Planting Progress Lowest Since 1985

Apr 30, 2013

Good Morning! Paul Georgy with early morning comments for April 30, 2013 at 4:50 am. Grain futures are higher on follow through buying. The USDA’s planting progress increased by only 1% last week to 5% which ties the record low in 1985. The greatest delays in planting are in the I-states of IL, IN and IA. Normal for this time of year is 31% and last year we had 53% planted. Winter wheat conditions fell by 2% to 33%, good to excellent. The Wheat Quality Council Tour starts scouting field in Kansas this morning. I suspect there will be updates on social media as they progress through the day. Funds are estimated to have bought 26,000 contracts of corn, 9,000 contracts of wheat and 7,000 contracts of soybeans on Monday. There were no deliveries in corn or soybeans, however there were 604 wheat deliveries against the May Contract. Traders will be watching the weather forecast closely to get a handle on when the corn can get in the ground. World Weather Inc. is concerned about a potential frost/freeze in the Hard Red Wheat area on Wednesday night Thursday morning. The inability to plant corn has farmers holding on to any unsold cash corn and soybeans. The strong cash markets continue to provide support to nearby futures. Corn basis was steady with soybeans up another 10 cents on Monday. Rich Nelson will discuss how planting delays will effect the USDA Supply and Demand report next week. Allendale’s Ag Leaders Webinar is tonight at 7:00 pm, sign up NOW! Cash cattle trade is at a standstill with asking prices 130 to 131 and no solid bids. Boxed beef was sharply higher on Monday with choice up 1.90 and select up 1.79. The feeder cattle index was up 1.09 to 135.44. Live hog futures try to grind higher even with higher feed costs facing producers. Pork cutout values were up .52. Sign up for Allendale’s free market update text, delivered every Monday thru Friday by 11:30AM CDT.

Markets as of 4:50 AM

  • Jul Corn    +6 3/4
  • Jul Beans   +11 1/4
  • Jul Wheat   + 1/2
  • Jun Cattle  +.00
  • Jun Hogs    +.02
  • Jun Dlr     +.03
  • Jun S&P     -.75
  • Jun Crude   +.05
  • Jun Gold    +4.60

 

View the Chart of the Day

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

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