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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.
 

Weekend Rains Less Than Expected

Jun 10, 2013

Good Morning! Paul Georgy with early morning comments for June 10, 2013 at 5:00 am.  Grains futures are lower. The weekend rains were lighter and provided more open time to plant in many areas. The longer term forecast is a little warmer which is now beneficial for the growing crops. Trade estimates for today’s planting progress report are 93 to 95% of the corn planted and around 73% of the soybeans planted. Talking to some producers over the weekend, they believe we could see more progress than expected just because of the extra time to get fieldwork done before the rain moved in. Corn crop conditions are expected to improve on this afternoon’s report. Spreads will likely get attention this week ahead of the USDA Supply and Demand report on Wednesday at 11:00 am. The July futures gained 16 cents on the Dec corn last week and the July/Nov soybean spread gained 37 cents. Economic data out of China over the weekend showed unexpected weakness in their May trade and domestic activity. Analysts are now concerned that China may not hit the 7.5 GDP growth. First notice day for June Cattle is today. Cash markets were inactive last week. On the product side, boxed beef values slipped. On Friday, choice beef was down 2.06 and select was down 1.47. The feeder index was 133.84 up .44. Tight market-ready hog supplies are supporting pork cutout values as they rose by 1.57 on Friday. Please fill out the survey question on our website. We will give the results tomorrow morning.

Markets as of 5:00 AM

  • Jul #Corn    -5 1/2
  • Jul #Beans   -8 1/4
  • Jul #Wheat   – 4 1/4
  • Aug #Cattle  Steady-Lower
  • Jul #Hogs    Steady-Higher
  • Sep Dlr     +.17
  • Sep S&P     +6.50
  • Jul Crude   -.38
  • Aug Gold    -4.50

 

View Today’s Chart of the Day

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