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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 Show Consolidation Pattern

Jan 18, 2013

Good Morning! Paul Georgy with early morning comments for January 18, 2013 at 5:10 am. Grain futures are higher, taking back yesterday’s loses. Export sales for soybeans last week were the largest for this marketing year. The trade has been talking about crush margins improving in China; this could be the reason for buying beans for quick delivery. The USDA announced another 240,000 tonnes of new crop beans sold this week. Corn exports were better than expected but when the bar is set low it is easier to get over. The sell-off was on light volume yesterday. Funds sold 7,000 corn, 2,000 wheat and 5,000 soybeans contracts. A Brazilian consulting firm raises their soybean production to 84.0 mmt. It seems like a quest of who can get the highest believable production number. Weather forecasters have added a little more rain across the mid-section of the growing region in Argentina. Later today, Informa will update their acreage projections. Poor margins are causing the closing of the ethanol plants in York and Ravenna NE. We are hearing there are more plants across the cornbelt considering the same option as the losses mount. Markets will be closed on Sunday night and Monday. They will reopen at 7:00 pm on Monday evening. High grain prices and drought are impacting the livestock industry. Cargill announced yesterday it will close the Plainview, TX beef processing plant on Feb 1 due to tight cattle supplies. Boxed beef values were lower on Thursday. Choice was down 1.63 and select was down 1.84. Cattle futures are due for rebound as technical indicators are oversold. Hogs futures gain on firm cash news as extremely cold weather approaches next week. Pork cutout values were down .37. Allendale will be releasing price outlooks for 2013 at next week’s Ag Leaders Conference, sign up today!
Markets as of 5:10 AM
  • Mar Corn    +4 3/4
  • Mar Beans   +4 3/4
  • Mar Wheat   +3 1/2
  • Feb Cattle  -.35
  • Feb Hogs    +.15
  • Mar Dlr     +.13
  • Mar S&P     +.75
  • Jan Crude   -.10
  • Feb Gold    -.40
Contact Allendale: 800-262-7538

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