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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.
 

Have Soybeans Topped?

May 24, 2013

Good Morning! Paul Georgy with early morning comments for May 24, 2013 at 5:15 am.  Grains are mixed is a quiet, narrow trading range session. The outside markets are lower as traders even positions ahead of the weekend. There is more talk overnight that the large trading range on Thursday was a blow-off top or an exhaustion of the bull move. Some of their supporting thoughts are the weakening of soybean basis, the settlement of the port workers strike in Argentina, the move by end-users to price cash bids off a deferred contract and crush margins turning to red. Old crop corn basis is firm and the supply of corn is tight. Planting progress data will be released on Tuesday at 3:00 pm due to Memorial Day Holiday. Markets will open at 7:00 pm on Monday evening. Don’t forget to attend the Allendale Ag Leaders Webinar on Tuesday evening at 8:00pm. Rich Nelson and Matt Hubsch will discuss the impact of late planting and potential prevent planting estimates. News wires are reporting that Senators voted 59-32 late yesterday to reduce crop insurance subsidy for farmers with more than $750,000 AGI. The Durbin-Coburn amendment would cut premium subsidy by 15%. Currently the government pays about 60% of every dollar of premium. Choice beef scratched out another record high price on Thursday afternoon by being up .17 to 211.37. Select was down .67. Packers will be closed on Monday and retailers are out of the market until post-holiday restocking. Pork packers are not interested in buying hogs ahead of a short work week. Pork cutout value was down .06. The feeder index on Thursday was 131.50 down .03. Allendale wants to wish everyone a safe and enjoyable Memorial Day Holiday as we remember those men and women who died while serving the United States and preserving our freedom.

Markets as of 5:15 AM

  • Jul #Corn    -2 1/4
  • Jul #Beans   -1
  • Jul #Wheat   +2 1/2
  • Jun #Cattle  +.25
  • Jun #Hogs    +.32
  • Jun Dlr     -.16
  • Jun S&P     -6.00
  • Jul Crude   -.39
  • Jun Gold    -6.00

 

View Today’s Chart of the Day

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Email: service@allendale-inc.com

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