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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 Forecasts Change

Apr 22, 2013

Good Morning! Paul Georgy with early morning comments for April 22, 2013 at 5:00 am. Grain futures are lower. Weather maps show cooler temps for the near term with warmer drier conditions in the 11 to 16 day forecast. Planting progress this afternoon will be watched closely. We are hearing estimates by trade of 5 to 6% planted compared to 18% average. The slowest planting pace was in 1993 at 4%. Wheat conditions in the HRW area will be very important as USDA held the good to excellent at 36% last week. Producers are reporting damage from the recent frost and the forecast is calling for freezing temps as low as the TX Panhandle tomorrow morning. Expect cash news and changes in weather forecast to be the price driver this week. Watch for news on damage from the earthquake in China. Money managers increased long corn positions by only 1,411 contracts and they added nearly 12,000 contracts in soybeans for a net long position of 74,569 contracts. As you get busy in the field, receive the Allendale 11:30 text update free. The USDA released the Cattle-on-Feed number for April 1, 2013. The data was considered by the trade a little bearish. As cattle placed into feedlots during March were larger than expected would have to be attributed to the drought in the southern plains. Cattle producers had no hay or pasture and feedlots were the only alternative. Boxed beef was lower on Friday with choice down .69 and select was down .62. Pork cutout values were down .41. The feeder cattle index was down .33 to 134.53. Hog slaughter should tighten for seasonal reason. See chart here.

Markets as of 5:00 AM

  • May #Corn    -5 3/4
  • May #Beans   -6 1/2
  • May #Wheat   -6 1/2
  • Jun #Cattle  Steady-Lower
  • Jun #Hogs    Steady-Lower
  • Jun Dlr     +.07
  • Jun S&P     +8.50
  • May Crude   +.69
  • Jun Gold    +38.70

 

View the Chart of the Day

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

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