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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.
 

Change Of Focus By Grains Traders

Apr 17, 2013

Good Morning! Paul Georgy with early morning comments for April 17, 2013 at 5:10 am. Grain futures are mostly higher. With macro markets calming down, grain traders are focusing on the tight cash markets and wet weather heading for the Midwest. Processors and ethanol plants are worried about filling their needs and farmer selling has been quiet. Recent rallies in old crop futures combined with strong basis should create some movement. There is talk that China is looking for some old crop beans to fill immediate needs; no confirmation of any sales yet. Monday’s report of only 2% of the US corn crop planted has traders becoming concerned as a storm system approaches the Midwest. Models are suggesting 2 to 4 inches of rain for much of the central cornbelt with localized amounts up to 6 inches. It will then be clear for a period of time once this system moves through. Spreading has been the feature in the grain complex recently. We expect that to continue into first notice day of the May contract. Wheat finds support with the potential for cold temps as far south as the TX Panhandle Thursday and Friday mornings. It is unknown as of yet how much crop loss we will see from the last cold snap in the southern plains. There is talk of Russia selling wheat out of the Black Sea region in an effort to support domestic prices. Weather in the EU is improving for winter and spring crops. A few cash cattle traded at 125 in the south on Tuesday. Most feedlots are hoping for steady with last week which would be 127 to 128. Boxed beef was firmer on Tuesday with choice up .56 and select up .02. The feeder cattle index was down 1.73 to 135.86. Pork cutout values were up .31. We are estimating the hog slaughter to shrink over the next few weeks as producers focus on fieldwork. Stay in touch with Allendale Advisory Report.

Markets as of 5:10 AM

  • May #Corn    -1 1/4
  • May #Beans   +4 1/2
  • May #Wheat   +1 1/2
  • Jun #Cattle  +.12
  • Jun #Hogs    +.02
  • Jun Dlr     +.31
  • Jun S&P     -7.50
  • May Crude   -.68
  • Jun Gold    -5.70

 

View the Chart of the Day

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

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