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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.
 

Quiet Markets Ahead Of Weekly Export Data

Mar 21, 2013

Good Morning! Paul Georgy with early morning comments for March 21, 2013 at 5:00 am. Grain futures are mixed. #Soybean futures are higher lead by short-covering. #Corn is steady and #wheat slightly lower. #Ethanol production was a little better than last week being down only 9% from last year’s level. Year to date production is now 11.7% behind last year and below the USDA target of a 10% decline. One of the highlights coming out of yesterday’s EIA report was the profitability of ethanol production which improved by $.23 this week. With the strong basis at ethanol plants, it is reported that farmers are getting 8.00 a bushel for corn in Central IA. There is talk circulating now that ethanol plant production is being reduced because of railcar availability. Some plants had leased their railcars out due to previous production slowdowns. Weather continues to delay loading in the Brazilian Port of Paranagua. Their loading equipment is not covered and has lost 27 days of work since January 1. Weekly export sales estimates are divided this week into old crop and new crop. Trade is looking for 12/13 corn 0 to 250 tmt, soybeans 300 to 600 tmt, wheat 450 to 800 tmt and estimates for the 13/14 corn is 50 to 400 tmt, soybeans 150 to 400 tmt and wheat 100 to 320 tmt. We are only a week away from the big USDA report on March 28. Expect to see choppy trade as we approach the report. Cyprus banks are not going to open until Tuesday as leaders appeal to Russia for bailout help. Without some kind of intervention the banks will fail when they open as customers will run to withdraw funds. Cash cattle sales were reported at 125 to 125.5 in Nebraska yesterday. Boxed beef values continue to slide as choice was down .77 and select was down .62. Feeder cattle index was down .38 to 136.24. Cash hogs struggle to find buyers while pork cutout values were down 1.68 on Wednesday. Livestock futures are oversold and traders are waiting for the signal that the bottom is in. Don’t forget to sign up for the March 26th Allendale Ag Leaders Webinar at www.allendale-inc.com.

Markets as of 5:00 AM

  • May Corn    +0
  • May Beans   +11 1/4
  • May Wheat   - 1/2
  • Apr Cattle  +.27
  • Apr Hogs    +.00
  • Jun Dlr     +.05
  • Jun S&P     -2.50
  • Apr Crude   +.80
  • Apr Gold    +.70

 

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

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