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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.
 

Tight Old Crop Supplies Lead Charge

May 02, 2013

Good Morning! Paul Georgy with early morning comments for May 2, 2013 at 5:15 am. Grain futures are higher as planting worries provide support in corn. Soybeans are finding strength on short covering after yesterday’s steep losses. Weather forecasts for the 10 to 15 day time slot have been waffling between drier and warmer to wetter and cooler. Producers are aggressive on getting the corn in the ground ahead of the rainfall forecast for this weekend. Keep up-to-date on current market conditions by subscribing to our free daily market text. Spreaders moving out of the May will continue to be a feature for the balance of the week. The ethanol production number, released yesterday, was slightly higher than the previous week and the highest production since last June. Allendale’s Rich Nelson says that ethanol production for the year is still 10.6% below last year’s levels when the USDA has a goal of a 9.2% decrease. Many ethanol plants where corn is available are running at full capacity due better margins. Cash corn bids rose sharply yesterday as a Nebraska plant was bidding 83 over the July. Soybean basis slipped as end-users filled immediate needs on Monday. Yield reports are coming in with a wide variance from the wheat crop tour in Kansas. Weekly export sales numbers will be out at 7:30 am. Trade estimates are: corn a combined total of 700 tmt to 1.0 mmt, soybeans 400 tmt to 800 tmt and wheat 450 tmt to 650 tmt. Funds were estimated to have sold a net 4,000 corn contracts, 7,000 soybeans and 2,000 wheat contracts yesterday. We should have all world traders back at work today after the May Day holiday. Boxed beef prices jump on Wednesday to highest level in 10 years. Choice was up 3.10 to 199.49. The record high price for choice was 201.18 in Oct of 2003. Select was up 1.79. The USDA is reporting some sales in the South at 128 steady with last week. Pork cutout values were 1.17. The feeder cattle index was up .17 to 135.97. Get the full story by subscribing to the Allendale Advisory Report.

Markets as of 5:15 AM

  • Jul Corn    +4 3/4
  • Jul Beans   +4 3/4
  • Jul Wheat   + 1/4
  • Jun Cattle  +.70
  • Jun Hogs    +.37
  • Jun Dlr     +.22
  • Jun S&P     +3.50
  • Jun Crude   +.53
  • Jun Gold    +7.50

 

View the Chart of the Day

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

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