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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.

Post-Holiday Should Improve Volume

Jul 08, 2013

Good Morning! Paul Georgy with early morning comments for July 8, 2013 at 5:15 am.  Grain futures are higher on short covering after Friday’s low range close. The tight supplies of old crop corn and soybeans will continue to impact markets this week. Farmers are strong holders of grain while basis sets record highs as end-users switch bids to August soybeans and September corn. The July contract goes off the board on Friday. The July USDA Supply and Demand report will be released on Thursday at 11:00 am. Expect the USDA to use the acreage numbers from the June 28 planting report. Be alert for further adjustments to yield to reach realistic ending stocks for corn. The crop conditions report this afternoon should show an improvement of 1 to 2% on last week’s 67%. Weather conditions have to be seen as positive for corn as there is no extreme heat through the third week of July. This should allow for approximately 50% of the US corn crop to be pollinated. Soft Red Wheat harvest is being slowed due to rain and now has traders concerned double crop soybeans will not be planted. Outside markets are continuing to deal with the slowdown of the Chinese economy and the turmoil in Egypt. The US Dollar has backed off of overnight highs. The CFTC Commitment of Traders Report has been delayed until this afternoon due to the holiday. Cash cattle ended the week 1.00 lower at 119. Packers are concerned about beef demand going into the proverbial "Dog Days of Summer". Choice beef was down 1.39 and select was down .74 on Friday. Pork packers have enough inventory to start the week however weaker pork values could weigh on cash trade. Markets ready hog supplies remain tight as pork cutout values were down .13 to close out a holiday week.

What will USDA project for corn yield on Thursday's report? Click Here to take our one question poll.

Markets as of 5:15 AM

  • Dec Corn    +2
  • Nov Beans   +5 3/4
  • Sep Wheat   +2
  • Aug Cattle  Steady-Higher
  • Aug Hogs    Steady-Higher
  • Sep Dlr     -.11
  • Sep S&P     +9.50
  • Aug Crude   -.18
  • Aug Gold    +15.5


View Today’s Chart of the Day

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