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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.
 

Old Crop Demand Leads Charge

Jun 14, 2013

Good Morning! Paul Georgy with early morning comments for June 14, 2013 at 5:00 am.  Grains futures are higher with spreading as the main feature. Old crop futures are leading the rally in corn and soybeans. Export sales were a non-event yesterday as rumors of Chinese cancellations were circulating through the trade but we still don’t have a confirmation yet. The weather forecast has lighter amounts of rain all the way through the 15 day period. We were getting reports from MN and ND late yesterday that planters were running where light rain had occurred. Another MN producer said he thought he saw Noah looking at a couple of his cows for the Ark. Goldman lowered price projections for corn and soybeans and recommended a short position in new crop corn and soybeans in their basket of trades. Argentina Farmers are due to stop moving grain on Saturday through Wednesday as a way of protesting economic policy. Some exporters are becoming concerned about keeping the pipeline full. Cash corn basis at Midwest processors and exporters is stronger. Japan bought 157,000 mt food grade wheat from the US and other origins in their weekly tender. South Korea bought 60,000 mt of corn from South America and another 50,000 mt from optional origin. Lower cash cattle bids are weighing on futures although there has been no confirmation of active movement. Choice beef was down 1.16 and select was up .06. There were no deliveries against the June Live Cattle contract. Cash hogs remain strong which is providing support to the nearby futures. The IA-MN hog value reached a level not seen since August of 2011. The June contract goes off the board this afternoon. Pork values are driven by tight hog supplies and retail demand. Next week will be very import as there are several economic reports and the release of the FOMC meeting minutes. Will the Fed send a signal of change in current policy?

Markets as of 5:00 AM

  • Jul Corn    +4 1/2
  • Jul Beans   +8 3/4
  • Jul Wheat   -2 3/4
  • Aug Cattle  -.22
  • Jul Hogs    -.10
  • Sep Dlr     +.15
  • Sep S&P     +4.00
  • Jul Crude   +.25
  • Aug Gold    +.70

 

View Today’s Chart of the Day

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