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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.
 

Two Days Before USDA Report

Mar 26, 2013

Good Morning! Paul Georgy with early morning comments for March 26, 2013 at 4:45 am. Grains futures are lower on profit taking after a late rally yesterday. Heavy snow across the Midwest and below normal temps for the next 2 weeks has traders willing buyers in the new crop futures. China buying new crop #soybeans and no announcement of old crop sales has bull spreaders taking some profits. The tight stocks estimates could help provide some support for spreads. The trade averages as (surveyed by Reuters) for Quarterly Stocks for March 1, 2013 in #corn is 5.013 billion bushel, soybeans is .935 billion bushel and #wheat 1.117. USDA March 1, 2012 was corn 6.023, soybeans 1.374 and wheat 1.199. Trade average estimates for Prospective Plantings are corn 97.252 mil acres, soybeans 78.394 mil acres, and all wheat 56.442 mil acres. The recent price rally in corn is giving farmers a reason and incentive to release some of their inventory. Basis has topped for the near-term and giving traders a reason to reduce size in the May/Dec corn spreads. Effective Sunday, April 7, 2013 (trade date Monday, April 8), all CBOT, KCBT and MGEX Grain and Oilseed Futures and Options will reduce electronic trading hours on CME Globex. The trading hours will be: Sunday-Friday: 19:00 to 07:45 CT, Monday-Friday:  Break from 07:45 to 08:30 CT, Monday-Friday: 08:30 to 13:15 CT, Mini-Sized Grains: 08:30 to 13:45 CT. Our advice is to not be lulled to sleep by pre-report action. Be ready to adjust your positions as spring planting will be front and center next week. Friday’s Cold Storage report showed increase beef in storage at a time the industry has 12% less market ready cattle. Pork supplies fell 16 million pounds which was in line with expectations. Beef prices have the disadvantage when compared to pork and poultry. Consumer demand is critical to beef prices. Boxed beef prices were lower again on Monday. Choice down .85 and select was down 2.07. Pork futures are firmer as cutout values were .68 higher on Monday. Join us the tonight for the Allendale’s Ag Leaders Webinar. Sign up now, click here!

Markets as of 4:45 AM

  • May Corn    -2 1/4
  • May Beans   -1
  • May Wheat   -1
  • Apr Cattle  +.02
  • Apr Hogs    +.85
  • Jun Dlr     +.00
  • Jun S&P     +3.00
  • May Crude   +.46
  • Jun Gold    -8.50

 

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

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