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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.
 

Weather And Reports Provide Standoff

Apr 10, 2013

Good Morning! Paul Georgy with early morning comments for April 10, 2013 at 5:05 am. Grain futures are mixed in a very quiet overnight session. Traders are making last minute adjustments to positions ahead of the USDA April Supply and Demand Report. Newswire average estimate for corn is 824 ml bushel. However it feels it should be in the area of an 810 to 812 number. A year ago on this report the USDA was at 810 ml bushel carryover for corn and the price of nearby futures was trading 6.30 to 6.40. Allendale suggests the carryover number for corn could be as high as 880. Corn basis fell by 2 to 5 cents yesterday with processors and ethanol plants holding adequate inventory. Soybean basis improved at Midwest processors and at the gulf. Trade average estimate for today’s report is only slightly higher than last month. The USDA estimate for South American corn and soybean production could also be a market mover. Tune into the "After the Bell" YouTube video where Rich Nelson will provide specifics of the report. Weather will be the focus shortly after this report as news stories continue to hype the possibility of late corn planting. Our customers in southern IL and IN are welcoming moisture. Below freezing temps as far south as TX has wheat producers nervous when the drought has already reduced yield potential. The next few weeks should prove to be a battle in cattle price. We are facing a strong seasonal pattern for lower cattle prices into June at a time where on feed numbers and slaughter numbers are getting tighter. Boxed beef values were higher on Tuesday with choice up .46 and select up .56. The feeder index was up .o4 at 140.13. Slower export demand is weighing on pork prices however pork has an advantage at the retail counter. Pork cutout values were down .03. Get the full story by subscribing to the Allendale Advisory Report.

Markets as of 5:05 AM

  • May #Corn    + 1/2
  • May #Beans   -2 1/4
  • May #Wheat   -5
  • Apr #Cattle  -.35
  • Apr #Hogs    +.35
  • Jun Dlr     -.01
  • Jun S&P     +4.75
  • May Crude   -.20
  • Apr Gold    -5.10

 

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

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