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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.
 

Tight Supplies Drive Futures

May 08, 2013

Good Morning! Paul Georgy with early morning comments for May 8, 2013 at 5:15 am. Grain futures are higher as tight supplies of corn and soybeans provide support. Old crop/new crop spreads continue to dominate trading action going into the USDA report Friday. Farmers are busy planting corn and not worried about emptying their bins. Midwest basis for corn and soybeans remains strong. Farmers are in the field and some are working around the clock to get the corn in the ground before the next rain system moves through.  Keep in touch with these stories and current market conditions with Allendale’s free midday text update. China’s soybean imports in April were down 14.8% from last year. A shipping agency in Brazil said yesterday that their loading problems are over at the major ports. This may have been a reason for US gulf basis to weaken a bit yesterday. An analyst group out of South America is expecting Brazil to increase soybean planted acreage next year by 4.3% or about 2.7 million hectares. Funds were estimated to be net buyers of 4,000 corn contracts and 5,000 soybean contracts. A Reuter’s survey of analysts has an average old crop corn ending stocks at 749 million bushels and new crop ending stocks of 1,993 million bushels. Soybean ending stock estimate is for old crop 123 million bushels and new crop 236 million bushels. Boxed beef regained some of Monday’s losses with choice up .93 and select up .65. There were some cattle traded yesterday at 126 in the South. Pork cutout values were up .91 on Tuesday. Meat demand is still the sticking point to rallies in the livestock markets. Today I am traveling to record This Week in Agribusiness where Allendale is a guest market analyst this week. The program will be shown on RFDTV this weekend. Call your Allendale broker for more market insight. Get the full story by subscribing to the Allendale Advisory Report.

Markets as of 5:15 AM

  • Jul Corn    +1 1/4
  • Jul Beans   +8
  • Jul Wheat   +1 1/2
  • Jun Cattle  -.10
  • Jun Hogs    +.42
  • Jun Dlr     -.24
  • Jun S&P     +.75
  • Jun Crude   -.10
  • Jun Gold    +3.20

 

View the Chart of the Day

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

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