Good Morning! Paul Georgy with early morning comments for June 12, 2013 at 5:00 am. Grains futures are mixed in a quiet overnight session. Grain markets are in a back and fill mode ahead of the USDA Supply and Demand report which will be released at 11:00 am central time. Traders are not expecting much adjustment in old crop stocks however the focus is on the new crop corn ending stock. Will the USDA make an adjustment for late planting and potential prevent planting? History suggests they will likely make a small adjustment if any on this report. They will likely wait until the results of the Planted Acreage report at the end of the month are tallied. Recent USDA actions, however, have surprised the trade.
Reuters Poll: Ending Stocks Ending Stocks
Wheat Corn Soybeans Wheat Corn Soybeans
Average trade estimate 0.733 0.759 0.121 0.640 1.795 0.268
Highest trade estimate 0.751 0.919 0.140 0.713 2.200 0.344
Lowest trade estimate 0.715 0.684 0.080 0.501 1.175 0.185
USDA May 0.731 0.759 0.125 0.670 2.004 0.265
Farmers in Argentina will suspend grain sales starting Saturday through Wednesday to protest economic policies.
There were no deliveries of cattle against the June futures contract on Tuesday. Cattle futures rebound on short covering and found support from lean hogs setting a 2 year high. Retailers are aggressive buyers for the July 4th holiday featuring. Hog futures are overbought and a corrective sell-off could occur at any time. Boxed beef was mixed on Tuesday with choice down .19 and select up .72. The feeder index is 135.88 up .30. Cash hogs are higher with pork cutout values up another 1.38. Make sure you get in on the special pricing of the Allendale Advisory Report it ends soon. Subscribe today!
Markets as of 5:00 AM
- Jul #Corn +1
- Jul #Beans +6 3/4
- Jul #Wheat -4 1/2
- Aug #Cattle +.60
- Jul #Hogs +.85
- Sep Dlr +.10
- Sep S&P +7.00
- Jul Crude -.03
- Aug Gold -1.30
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