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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.
 

Wheat Conditions Improve Before Cold Snap

Apr 09, 2013

Good Morning! Paul Georgy with early morning comments for April 9, 2013 at 5:15 am. Grain futures are mostly higher. The USDA said wheat conditions improved nationally by 2% last week and expect to release corn planting progress next week. We have customers planting corn and doing fieldwork in Southern IL and IN. The forecast for cold temps into TX and OK this week has producers and traders concerned about potential loss. The winter storm forecast for the CO, NE and SD has well needed moisture for a very dry area. Traders are worried about the late planting of corn but we feel it only is late when compared to last year. Tomorrow at 11:00 AM CDT, the USDA will release their April estimate of grain and oilseeds supply and demand for 2012/13. Trade average estimates are: corn 824, soybeans 137 and 731 for wheat. Last year the April estimate by USDA was 810 and the price range for corn was 6.30 to 6.50. Funds were buyers of an estimated 6,000 corn contracts, 4,000 wheat and 6,000 soybean contracts yesterday. It is expected the White House will make a decision in the coming week whether to approve the sugar for ethanol program. Livestock prices are struggling with demand for product and received no help from February Export Data. Pork volume was down 12.6% for February making year to date exports down 14%. Beef exports were 3% less than last year. Boxed beef values were lower on Monday with choice down .37 and select down .55. Pork cutout value was up .01. Rich Nelson, Allendale’s Chief Strategist has presented a detailed analysis of how the US Unemployment is providing an explanation for beef and pork prices. Check out the Allendale Advisory Report.

Markets as of 5:15 AM

  • May #Corn    +6 1/4
  • May #Beans   +1 1/4
  • May #Wheat   -2 1/4
  • Apr #Cattle  +.52
  • Apr #Hogs    -.07
  • Jun Dlr     -.24
  • Jun S&P     +1.50
  • May Crude   -.22
  • Jun Gold    +1.00

 

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

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