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The Allendale Wake-Up Call

RSS By: Paul Georgy,

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 supplies push July futures

Jun 17, 2013

Good Morning! Paul Georgy with early morning comments for June 17, 2013  at 5:00 am. Grains futures are mostly lower except for the July corn contract. Later today we will be getting 2 very important reports. At 11AM, NOPA will release their May data. Trade average estimate is for crush to be 118.1 million bushel which would be 15% below the same period a year ago. Even with this type of reduction, Sept through May is 2.7% above year ago levels. With adjustments on the June S+D, they changed their projection to 2.7% lower crush for the year. Tight farmer holding of soybeans is making for a very interesting old crop market for soybeans and corn. Basis closed out the week on a firmer note. The trade will also be watching planting progress for soybeans this afternoon where the expectation is for 87 to 90% completion. There will be no more planting data for corn. However trade is expecting an improvement of 1 to 3 % in the G/E category. The weather forecast has the next system moving across the Midwest starting Wednesday through Friday. Traders are now looking at "rain makes grain" as bearish. Funds, last week, reduced long corn positions by 8431 contracts and increased long positions by 12,258 contracts. We expect volatility to continue in the old crop/new crop spreads. Boxed beef was lower on Friday with choice down 1.10 and select down .58. Cash cattle closed out the week trading mostly 2.00 lower at 120.00. The feeder cattle index was up .14 to 136.14. The June lean hog futures went off the board at 102.30 which is over 4.00 higher than the July contract. Pork cutout was 3.31 on Friday. Allendale Ag Leaders Webinar will be held on June 25.

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Markets as of 5:00 AM

  • Jul #Corn    +1 3/4
  • Jul #Beans   -7 1/4
  • Jul #Wheat   -1 1/2
  • Aug #Cattle  Steady-Lower
  • Jul #Hogs    Steady-Higher
  • Sep Dlr     +.04
  • Sep S&P     +15.00
  • Jul Crude   +.75
  • Aug Gold    -2.10


View Today’s Chart of the Day

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