Oct 2, 2014
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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.
 

Record Corn Acres Planted in One Week

May 21, 2013

Good Morning! Paul Georgy with early morning comments for May 21, 2013 at 4:45 am. Grain futures are lower being led by old crop corn. Tight supplies and strike of dock workers in Argentina provide support for the July soybean contract. The Crop Progress report yesterday afternoon suggests US corn farmers planted approximately 41.84 million acres of corn and nearly 14 million acres of soybeans last week. Corn planting progress increased from 28% to 71% complete. We are now only 8% behind the 5 year average of 79%. Three major corn producing states of IL, IA and MN planted more than half of their corn last week. Soybean progress improved by 18% to a total of 24% versus 42% average. Spring wheat producers were hard at work by increasing planted acreage to 67%. Winter Wheat condition was downgraded to 31% in the Good/Excellent category. Traders will now focus on when the balance of planting will be complete. There is more talk that we could lose up to 2 million acres of corn due to prevent planting. Checkout Allendale’s weekly meeting Strategy Session for a discussion on how this may impact ending stocks. Money flow seems to be moving out of commodities into equities. Dr. Bernanke will be testifying on Wednesday which will be watched closely for any indications of policy change. June CBOT options expire on Friday before the long weekend. Taking a closer look at the Cattle on Feed report, released Friday, showed that most of the cattle placed during April were heavy weights. There was an increase of 21% of 800 lb. and higher weight cattle and a jump of 20% in the 700 to 799 lb. category. Lighter weight cattle were less than a year ago. One would have to say feedlots want to feed the least amount of corn as possible. Futures firmed up on Monday as the virus fear in pork was confirmed to not be a threat to meat. Boxed beef was higher with choice notching another record high price at 210.34 up .53 and select was up 1.10. The feeder index settled at 131.98. Pork cutout value was down .10 on Monday. Don’t forget to sign up for the May 28, 2013 Allendale Ag Leaders Webinar.

Markets as of 4:45 AM

  • Jul #Corn    -15 1/2
  • Jul #Beans   + 1/2
  • Jul #Wheat   -10 1/2
  • Jun #Cattle  +.50
  • Jun #Hogs    -.07
  • Jun Dlr     +.27
  • Jun S&P     -2.75
  • Jun Crude   -.22
  • Jun Gold    -6.60

 

View Today’s Chart of the Day

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