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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.
 

Quiet Session Overnight In Grains

May 03, 2013

Good Morning! Paul Georgy with early morning comments for May 3, 2013 at 5:05 am. Grain futures are mostly steady to higher. Stronger cash corn and planting delays are providing support to futures. The short term weather forecast is likely to keep producers out of fields until the middle of next week. Then the forecast is open only for a few days before the next system moves in. It should be noted that various models are in disagreement. Traders are speculating there will be less acres of corn planted due to delays. Many are talking about producers taking prevent planting in the northwestern corn growing areas. It seems a little early to be betting for major switching of corn to soybeans. The take away from yesterday’s weekly export sales data was China cancelling 276,300 tonnes to leave net sales at a negative 109,800 tonnes. Reuters news service is saying Argentina beans are being loaded to go to China and not the US. Kansas wheat tour results from the southeast yields are better than expected. Wheat exports were better than trade was expecting for new crop. Statistics Canada will be releasing production estimates later this morning. Funds bought an estimated 12,000 corn contracts and 3,000 wheat while they were even in soybeans. Goldman Roll begins on May 7th in livestock futures at CME. Packers were more aggressive and cattle traded yesterday at steady to 3.00 higher with 131 paid in NE. Boxed beef was stronger again with choice up 1.09 and select .81. This puts wholesale beef near record highs made in 2003. Pork cutout value was down .39 on Thursday. The snow across IA and MN has disrupted live movement again this spring. Feeder Cattle index was down .10 at 135.87. Get the full story by subscribing to the Allendale Advisory Report.

 Markets as of 5:05 AM

  • Jul #Corn    + 3/4
  • Jul #Beans   +5
  • Jul #Wheat   + 1/4
  • Jun #Cattle  +.10
  • Jun #Hogs    +.17
  • Jun Dlr     -.22
  • Jun S&P     -.75
  • Jun Crude   +.53
  • Jun Gold    +10.30

 

View the Chart of the Day

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

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