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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.
 

Short Covering Supports Grain Futures

Jul 03, 2013

Good Morning! Paul Georgy with early morning comments for July 3, 2013  at 5:00 am. Grain futures are higher as traders even up positions before the holiday. Trading volume this week has been very light and would appear to be more of the same going into the 12 noon close today. We must, however, plan ahead for July 5th. Historically corn and soybeans have sharp moves on the first trading day after the July 4th holiday. Changes to the weather forecast and world economic situations need to be kept in mind. When we start trading again on Friday morning the long-term weather forecasts will hit the pollination slot for the majority of late planted corn. The unrest in Egypt will be monitored closely as the Suez Canal is a major shipping passage way for oil. Tight supplies of old crop corn and soybeans will continue to impact nearby contracts. The July contract will go off the board on July 12th, one week from Friday. Some are suggesting Sept contracts could rise to the level of July due to late planting. Moore Research data suggests otherwise. Allendale’s staff is working on option strategies which will provide down side protection and upside opportunities. A lot of numbers are being crunched after the planted acreage report and ending stocks could jump to over 2.0 billion bushel for corn when adjusting for yield and export demand. Soybean ending stocks could push 300 million bushel. Allendale’s price targets can be found in the Allendale Advisory Report. Livestock futures are being impacted by activity in the outside markets and a slowdown of demand from the retailer. Boxed beef was higher on Tuesday with choice up .46 and select up .84. Pork cutout values were down 1.50. The CME Feeder Cattle Index was up .86 to 140.08. We wish everyone a safe and enjoyable Independence Day Weekend. Our next Wake-up-Call will be Monday Morning. Tune into the "Morning Coffee" on YouTube Friday before the opening.

Markets as of 5:00 AM

  • Dec #Corn    +5
  • Nov #Beans   +16
  • Sep #Wheat   +12 1/2
  • Aug #Cattle  +.12
  • Aug #Hogs    -.35
  • Sep Dlr     -.10
  • Sep S&P     -8.25
  • Aug Crude   +1.46
  • Aug Gold    -.05

 

View Today’s Chart of the Day

If you have any questions on any of our material, give us a call at 800-262-7538 or email us at service@allendale-inc.com

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