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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.
 

Spreaders Adjusts As Weather Hinders Planting

May 01, 2013

Good Morning! Paul Georgy with early morning comments for May 1, 2013 at 5:05 am. Grain futures are lower on profit taking and broad based commodity weakness. Most of Europe is closed today as they celebrate Labour Day. Weather forecasts are wet and cold which has not changed much from early in the week. The GFS and the Euro weather models are suggesting frost to freezing temps could reach the TX panhandle on Friday morning. We should get some official results from the Wheat Quality Tour later this week. We’ll keep you updated with our daily text message, sent out at 11:30AM. Traders are already looking ahead to the May 10th USDA Supply and Demand report. Those who attended the Allendale Ag Leaders Webinar last night realize it is likely the USDA will cut yield projection due to late planting on this report. Rich, Frank, Brian and Jeremy did a great job on the presentation last night. A taped version will be available later this week. There was some farmer selling of soybeans after Monday’s rally and stronger basis. Processors will not have to be as aggressive until newly purchased grain is used. There were no corn or soybean deliveries yesterday however there were 465 wheat deliveries. Bull spreading is very volatile as traders move out of the May contracts.  The gap left after the April S+D report in the July corn chart was not completely filled during Tuesday’s trade. Yesterday’s high will be key resistance until gap is filled. Cash cattle trade is still not reporting any sales this week. Product is strong with choice up 1.60 and select up 1.82. The feeder index was set at 135.80, up .36. IA farmers have been focusing on planting corn and not marketing hogs which has supported cash trade. Pork cutout was down 1.51 on Tuesday. Go to Allendale’s Website for more news and marketing ideas. Get the full story by subscribing to the Allendale Advisory Report.

Markets as of 5:05 AM

  • Jul Corn    -7
  • Jul Beans   -6 3/4
  • Jul Wheat   -12
  • Jun Cattle  -.10
  • Jun Hogs    -.32
  • Jun Dlr     -.15
  • Jun S&P     +1.75
  • Jun Crude   -.87
  • Jun Gold    -1.60

View the Chart of the Day

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

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