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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.

Profit Taking Seen In Soybeans

Mar 27, 2014

Good Morning! Paul Georgy with early morning comments for March 27, 2014 at 4:35 am.  

Grain futures are lower on profit taking ahead of major reports to be released over the next few days.

Attend the Monthly Allendale Ag Leaders Webinar this evening at 7:00 pm as we will discuss the upcoming USDA Prospective Plantings and Grain Stocks Report with a USDA representative. (Register Here)

Weather has become a big concern to traders as we approach planting season in the Midwest.

Ryan Martin, Allendale’s Meteorologist and Branch Manager says, "The focus now shifts to moisture and away from cold air, as the pattern should show moderation of temperatures through the next week." You can read the full comments by clicking here.

The weekly export sales data will be out at 7:30 AM. Reuter’s survey of traders is as follows:

                         Trade estimates          Trade estimates
                             for 2013/14                for 2014/15
Wheat             325,000-475,000           50,000-250,000
Corn               525,000-725,000                     0-200,000
Soybeans        100,000-250,000          300,000-500,000
Soymeal          100,000-200,000         100,000-200,000
Soyoil                         0-50,000                      0-10,000

USDA attaché in Brazil is estimating the Brazilian corn crop for 2013/14 at 72 mmt versus last USDA estimate of 70 mmt.

Talk is now circulating that the cargoes of soybeans recently cancelled by China are less than expected last week. Maybe we will get a confirmation soon.

Livestock traders are adjusting positions ahead of the Quarterly Hog and Pigs Report tomorrow afternoon. The USDA should provide some indication of the impact of PEDv on this report. High volatility is expected going into this report. The pork cutout value is up .52.

Firmer cash cattle prices this week have futures traders buying the discount with April contract $6.00 to $7.00 under cash. Beef cutout values are mixed with choice up .51 and select down 1.14. The CME Feeder Index is 177.18.

Markets as of 4:35 AM

  • May Corn    -1 1/4
  • May Beans   -4 1/4
  • May Wheat   -4  
  • Apr Cattle  -.02
  • Apr Hogs    +.80
  • Jun Dlr     +.09
  • Jun S&P     +4.50
  • May Crude   -.09
  • Apr Gold    -7.70

Chart of the Day

Daily Chart

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