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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.
 

Corn Demand Raises Concern

Feb 05, 2013

Good Morning! Paul Georgy with early morning comments for February 5, 2013 at 4:45 am. Grain futures are higher after an early session sell-off. Demand for old crop #corn has stalled in ethanol use and for exports. #Soybeans have a brighter picture as traders are looking for a pickup in exports from China. Backlog of ships loading in Brazil is now estimated at 40 days. Traders are also expecting more announcements of Chinese purchases before their New Year’s holiday which starts this weekend. Analysts in Brazil are downgrading their estimate of the soybean crop due to weather inconsistency. CME said they will close the open outcry at KCBT on June 28 and move the open outcry to the CME floor in Chicago on July 1, 2013. Argentina has announced a price freeze in its supermarkets for two months in hopes of stopping its spiraling inflation. Another ethanol processing plant is closing. The Renewable Fuels Association said as of January 29 that 36 of the 211 plants in the US have been shut down. The #USDA will release the February Supply and Demand at 11:00 on Friday. They also will be releasing their 10 Year Baseline Projections on Monday at 11:00. This is the data the government uses for budgeting purposes. Goldman roll starts on Thursday. Cash cattle bids and asks are 5.00 to 6.00 apart. Packer margins are deep in the red. Boxed beef was up slightly on Monday. Choice was up .18 and select was up .39. Cash movement is expected to pick up this week as temps warm up a bit across the upper Midwest. Pork cutout values were down 1.03. Feeder cattle index was up .50 to 146.77. Take a look at the meeting list on our website and if you are in the area we would like to have you join us. http://www.allendale-inc.com/upcoming-events/
 
Markets as of 4:45 AM
  • Mar Corn    + 1/4
  • Mar Beans   +4 1/4
  • Mar Wheat   +1
  • Feb Cattle  +.75
  • Feb Hogs    -.52
  • Mar Dlr     -.01
  • Mar S&P     +5.00
  • Mar Crude   +.42
  • Feb Gold    +1.40
 
Contact Allendale: 800-262-7538 service@allendale-inc.com www.allendale-inc.com

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