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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.
 

Will This Week’s Reports Impact Grain Prices?

Sep 16, 2013

Good Morning! Paul Georgy with early morning comments for September 16, 2013 at 5:00 am.  Grain futures are mixed due to profit-taking and weekend rains.

The rains across the northern cornbelt could be viewed as overall positive or negative to markets. The 10 to 15 day weather models are void of frost concerns.

The week ahead should be interesting as several reports are on the slate which could have an impact on grain markets. This morning at 11:00 AM, NOPA will release their August crush data. Tomorrow morning the FSA will release updates on prevent planted acres. The trade is expecting a total of 6.8 million acres of corn, beans and wheat.

Wednesday at midday, the FMOC minutes will be released where the Fed watchers are expecting an announcement that theFed will begin tapering. There are also crop conditions this afternoon and weekly export sales on Thursday morning.

Early corn harvest yield results continue to be better than producers were expecting. There may be a few soybeans harvested this week but most beans need 10 days to 2 weeks before they are ready. Traders will be debating whether the weekend rains are beneficial to soybean yields.

Weekend chatter has traders thinking the Canadian wheat production could be as high as 33 mmt compared to the USDA’s estimate of 31.5 mmt.

There was more talk over the weekend about dry conditions in Argentina which could cause producers to switch from corn to soybeans. It seems a little early to get too excited about though.

Chart Picture: Soybeans remain in a trading range. Wheat is holding long term support at 6.35 in Dec contract. Corn futures have broken recent support in the overnight session.

The CME Feeder Index is 155.93 down .43. Beef cutout values were lower on Friday with choice down 1.16 and select down .56. Cash cattle traded last week at 123 which was steady with the previous week. Pork cutout values were up 1.34. The September Cattle on Feed report will be released on Friday.

Markets as of 5:00 AM

  • Dec Corn    + 3/4
  • Nov Beans   -14 1/4
  • Sep Wheat   +3 1/4
  • Oct Cattle  Steady
  • Oct Hogs    Steady
  • Dec Dlr     -.32
  • Dec S&P     +19.25
  • Oct Crude   -1.25
  • Oct Gold    +8.50

 

View the Chart of the Day

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