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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.

Risk-On Buyers Support Grain Futures

Jan 30, 2013

Good Morning! Paul Georgy with early morning comments for January 30, 2013 at 5:10 am. Grain futures are higher. The soy complex is leading prices higher as it notches new highs for the recent move. Grain markets are waiting for a catalyst to cause a breakout of the range bound price discovery. Could it be the release of the US GDP data later this morning or will it be the announcement of the minutes of the FOMC meeting? On Friday morning we have the Labor Dept. releasing employment data. #Weather in #Argentina and #Brazil is still very much a concern to grain traders. Crops there are thirsting for moisture with the temps in the upper 90’s to low 100’s the next few days with chance of rain this weekend. The large Brazilian bean crop harvest is causing logistical problems with the heavy rains in some areas. Mississippi River problems are causing a slowdown in movement of #soybeans to the gulf. Demand is the key to US #corn prices as producers keep the bin doors locked. We will get the USDA Weekly Export data tomorrow. Algeria bought 500-600 tmt durum wheat mostly from US and Canadian origin. The CME is considering shortening trading hours in grains after the comment survey they started last week. CME also is looking into stopping trading around a major USDA report. The ICE exchange says it will not change current trading hours as reported by Reuters. Most traders and feedlots are expecting cash cattle to trade higher this week. The futures have set back on profit taking after the reaction to Friday’s smaller than estimated cattle-on-feed numbers. Boxed beef values were lower on Tuesday with choice beef down .72 and select down 1.32. Packers may call first of month contracted cattle to fill needs as profit margins remain in the red. Hog traders are wrestling with the tight cash hog supplies and competitive meats at the retail counter. Pork cutout values were up .95. The feeder cattle index stands at 145.13 up .57.
Markets as of 5:10 AM
  • Mar Corn    +4 1/2
  • Mar Beans   +16 1/2
  • Mar Wheat   +2
  • Feb Cattle  +.05
  • Feb Hogs    -.07
  • Mar Dlr     -.20
  • Mar S&P     -.25
  • Mar Crude   +.30
  • Feb Gold    +4.20
Contact Allendale: 800-262-7538

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