Thanks To All The Farmers For A Bountiful Harvest
Nov 27, 2013
Good Morning! Paul Georgy with early morning comments for November 27, 2013 at 5:00 am. Grain futures are higher as soybean meal posts new contract highs.
Will there be any new export sales announcements at 8:00? Yesterday the USDA announced 360,000 in new sales and 300,000 tonnes of cancellations. The soybean complex continues to provide support for ag commodities at the CBOT. In the last few minutes of trade on Tuesday the December soybean meal set new contract highs. Holiday trade will likely keep markets on edge.
Corn and wheat news is not positive. Although there are increasing export tenders, buyers are still able to make purchases at lower prices elsewhere in the world.
Producers are interested in making cash sales on rallies but basis is slipping along with futures prices for corn. Ethanol plant bids are suggesting they have enough inventories for the moment and they believe within 30 days it will be much easier to buy grain.
The EIA ethanol report is out later this morning which is expected to show plants were busy last week as crush margins were positive.
First notice day for December contracts on Friday.
Ag markets have regular trading hours on today, closed on Thursday and will reopen on Friday morning. No globex ag markets on Thursday night. The Allendale Wake-Up Call will not be produced on Friday Morning. Call us with any questions at 800-262-7538.
Call your Allendale Representative to get the price movement study for the day after Thanksgiving.
It is the time of the month when major funds starting to roll positions: The Rogers Fund roll out of January contracts begin today. The well touted Goldman roll starts next Friday, Dec 6.
Livestock traders and funds have turned buyers as cutout values for beef improved on retail fill-in buying. Cash cattle are at a standstill but trade is looking for steady prices this week. Market ready cattle supplies are tight but larger carcass weights are offsetting some of that reduction. Beef cutout values are higher with choice up .10 and select up .80. The CME Feeder Index is 164.21.
Hog carcass weights are at record high levels which is masking the reduction in slaughter numbers from PEDv. Pork cutout values were down .51 on Tuesday.
Everyone at Allendale wishes you a very happy and safe Thanksgiving holiday. We are thankful for the opportunity to work with all of you.
Markets as of 5:00 AM
- Dec Corn +2 1/4
- Jan Beans +10
- Dec Wheat +4 3/4
- Dec Cattle +.12
- Dec Hogs +.15
- Dec Dlr -.08
- Dec S&P +1.75
- Jan Crude -.42
- Dec Gold +11.2
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