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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 Forecast Excites Markets

Apr 29, 2013

Good Morning! Paul Georgy with early morning comments for April 29, 2013 at 5:10 am. Grain futures are higher on weather forecasts, firm basis and estimates for this afternoon’s Planting Progress Report. Weekend moisture reached a little further north than was expected. The 6 to 10 day forecast has heavy rains moving through the Midwest at a time when field conditions are finally drying out. David Scheibel, Allendale’s Branch Manager in Bird Island, MN reported that a neighbor of his was planting green peas on Sat and Sun with snow still along the fence rows. Farmers were in the field in McHenry County, IL yesterday. Planting progress is expected to be 7 to 15% complete compared to an average of 33%. The changing of the calendar to May in just a few days has traders concerned about planting progress of corn. Wheat is supported by corn and the beginning of the wheat crop tour is on tap for this week. First notice day is Tuesday for the May contracts at the CBOT. Funds were huge sellers again last week. Managed Money Funds reduced long positions by 40,000 contracts to leave them net long only 12,000 contracts in corn. There will be several countries releasing important economic data this week which could have a influence on the grain and livestock markets. The strong cash cattle trade on Friday and weaker dollar could provide some support in futures. The warm weather in Chicago and on the East Coast should show a pickup in movement of meat products. We will be watching box movement early this week for a confirmation. Boxed beef on Friday was mixed with choice up 1.35 and select down .07. The feeder cattle index was 134.65, up .64. Pork cutout value was up .38. Allendale’s Ag Leaders Webinar is tomorrow evening sign up NOW!

Markets as of 5:10 AM

  • May #Corn    +11
  • May #Beans   +1 3/4
  • May #Wheat   +5
  • Jun #Cattle  Steady-Higher
  • Jun #Hogs    Steady-Higher
  • Jun Dlr     -.36
  • Jun S&P     +4.25
  • Jun Crude   +.42
  • Jun Gold    +18.10

 

View the Chart of the Day

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

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