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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 Slow Planting Pace

May 14, 2013

Good Morning! Paul Georgy with early morning comments for May 14, 2013 at 4:55 am. Grain futures are mixed with some profit taking in corn while soybeans continue to rally. With May contracts expiring today, there are still a few positions which need to be liquidated or rolled. Look for choppy trade as we near the Noon expiration. We’ll update you on market conditions in our daily text, sign up here. Yesterday we saw a large volume of positions being rolled out of May and July into more deferred contracts. The tight supplies and the resistance of farmer selling are supporting cash bids. It is likely producers will have to see the corn out of the bag and  growing in the field before they will clean out the bins. USDA released planting progress yesterday afternoon with 28% of corn planted versus an average estimate of 29% and 65% for 5 year average. Planting pace is the slowest on record since 1984 when we were 29% planted on this date. The I-States have an average of 20% corn planted.  Only 6% of soybeans were planted compared to 24% on average. Spring wheat planting at 43% was a bit larger than what trade was expecting with a 5 yr. average of 63%. Funds were net buyers of 15,000 corn contracts, 3,000 wheat and 5,000 soybeans yesterday. NOPA Crush data will be released on Wednesday morning. These numbers will provide some indication on old crop soybean available supplies. Cash cattle trade is at a standstill with limited demand. Boxed beef values were higher as retailers restock after weekend clearance. Choice was up .15 and select was up .63. Feeder cattle index is 134.34. Pork cutout was up .83 on Monday. Technically it is very important that June cattle futures hold the 120 level. See Allendale Advanced Charts for more technical commentary. Non-subscribers should take advantage of the Special Pricing for the Allendale Advisory Report.

Markets as of 4:55 AM

  • Jul #Corn    -2 1/4
  • Jul #Beans   +5 1/4
  • Jul #Wheat   – 3/4
  • Jun #Cattle  +.12
  • Jun #Hogs    +.12
  • Jun Dlr     -.11
  • Jun S&P     -2.50
  • Jun Crude   -.15
  • Jun Gold    -4.40

 

View the Chart of the Day

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

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