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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.

Grains Higher Going Into Weekend

Feb 01, 2013

Good Morning! Paul Georgy with early morning comments for February 1, 2013 at 5:00 am. Grain futures are higher overnight fueled by outside market buyers. Traders are watching #weather forecasts very closely in South America. Any increase or decrease in rain drops causes a reaction in the market. This weather market will likely continue for a few more weeks. We did hear of some good farmer movement this week. Basis in the interior has slipped a bit. #China has been a consistent buyer of # soybeans as the USDA announced another 220,000 tonnes of new crop yesterday morning. Chinese buyers are busy taking care of business before their New Year's holiday week starts on Feb 9, 2013. The EPA released their proposed renewable fuels requirements for 2013 yesterday. The requirement includes their use projections of a significant amount of cellulosic ethanol, probably not an attainable goal for producers and blenders to achieve. Informa is expected to give us an update this morning on 2013 South American production. NOPA says they will release their monthly crush numbers at 11:00 am CST starting with the February 15th report. We start a new month today and the Goldman roll will begin on February 7. Do not be surprised to see the grains close out the week on a firm note. The cattle inventory report is out this afternoon which traders are expecting January 1 numbers to be 1.8% less than last year. Cash cattle traded at 125 which is $3.00 higher than the low trade of last week. Futures traders were expecting a stronger bid than 125. Demand for beef continues to weigh on fed prices. Choice beef was 1.44 lower and select was .77 lower on Thursday. The feeder cattle index was up .75 to 146.14. Packers were bidding for hogs to fill out weekend chain needs. The cold temps and snowy roads cause prices to be firm however packers are already expecting to buy hogs cheaper next week. Pork cutout values were down .42. We have several meetings planned over the next few weeks and we hope to see you there.
Markets as of 5:00 AM
  • Mar Corn    +3 1/4
  • Mar Beans   +12 1/4
  • Mar Wheat   +4 1/4
  • Feb Cattle  +.02
  • Feb Hogs    +.10
  • Mar Dlr     -.13
  • Mar S&P     +3.75
  • Mar Crude   -.28
  • Feb Gold    +4.50
Contact Allendale: 800-262-7538

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