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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.
 

Grains Trade Higher Overnight

Jan 14, 2013

Good Morning! Paul Georgy with early morning comments for January 14, 2013 at 5:00 am. Grain futures are higher on follow-through from USDA data. Traders needed more time to work through the numbers from Friday's USDA Supply and Demand Report. The corn number was friendly with ending stocks in the low 600s and stocks to use at 5.3%. The USDA did lower demand in exports and ethanol, however, they raised demand in the feed and residual category. This will leave room for adjustments on the upcoming report. Soybeans and wheat have to be looked at as friendly as well. The increase in production in soybeans was offset by demand. NOPA Crush data is out later this morning and trade is expecting some big numbers for December. January soybean futures stop trading at noon today. US wheat is the cheapest in the world and we should begin to see some improvement in demand. The larger than expected soft red winter wheat plantings could keep pressure on the new crop Chicago contracts. Mississippi River navigation south of St Louis is open to barges with a 9 ft. draft. The Corp has completed rock removal and recent rains have increased water level. Barge freight basis has gone down, improving chance for export interest. Demand is still very important and we expect that higher prices will not be the answer. Managed money funds continued to reduce long positions in corn by 20,000 and soybeans by almost 29,000.  Market direction could be determined by whether the funds continue to liquidate. Livestock futures came under pressure after the USDA report. Higher feed cost is not what livestock producers are looking forward to. Boxed beef was mixed on Friday with choice up .43 and select down .47. Cash hogs were lower late last week as holiday hogs supplies hit the market. Pork cutout values were up .43.
 
Markets as of 5:00 AM
  • Mar Corn    +14 1/4
  • Mar Beans   +17 1/2
  • Mar Wheat   +15 3/4
  • Feb Cattle  Steady-Lower
  • Feb Hogs    Steady- Lower
  • Mar Dlr     -.05
  • Mar S&P     +1.50
  • Jan Crude   +.61
  • Feb Gold    +7.80
 
Contact Allendale: 800-262-7538 service@allendale-inc.com www.allendale-inc.com

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