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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.
 

Farmer Selling and Moisture Forecast Provide Profit Taking

Mar 22, 2013

Good Morning! Paul Georgy with early morning comments for March 22, 2013 at 5:05 am coming to you from Fargo, ND. We will be in Carrington, ND for a meeting this afternoon at 2 PM. Grains are lower on profit taking after the recent rallies. The forecast for more moisture in the southern Plains has weighed on the wheat complex. The below normal temps across the Midwest is supporting the December corn futures. Recent price rally in corn has drawn some farmer selling on Thursday. We expect more positioning ahead of next week’s USDA reports. Talk of China selling soybeans out of their reserves will likely be replaced by Brazilian beans when they arrive in Chinese ports. Export sales yesterday were nothing stellar as the actual sales were at the low end of trade estimates. Dock workers in Brazil canceled their strike after talking with government leaders. Cyprus banks are closed until Tuesday as they negotiate with Russia and the EU. We expect more fireworks in the Euro next week. Cattle traders are waiting for the Cattle on Feed Report this afternoon. Trade estimates are On Feed 93.6%, Placed 91.0% and Marketed 92.4% of last year. Cattle producers and traders are hoping for some friendly news to help stop the slide in futures. Choice beef on Thursday afternoon was at $192.98, which was .43 lower; select values were up .21 to 193.24. Feeder cattle index was down .70 to 135.54. Cash hogs are expected to be under pressure again next week. Pork cutout values were up 1.09. Allendale’s Monthly Ag Leader’s Webinar will be held on Tuesday, March 26. Sign up today to reserve your connection.

Markets as of 5:05 AM

  • May Corn    -3 3/4
  • May Beans   -4 1/2
  • May Wheat   -2 3/4
  • Apr Cattle  -.27
  • Apr Hogs    +.02
  • Jun Dlr     -.13
  • Jun S&P     +.25
  • May Crude   +.21
  • Apr Gold    -1.90

 

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

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