The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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.
Good Morning From Allendale, Inc. with the early morning commentary for October 3, 2018!
Grain Market traders are taking their positions ahead of a weather forecast that looks to bring significant rainfall to the Midwest which will likely impact US harvest. With the next Supply and Demand report still a week away, weather, trade agreements, and geopolitics garner the most attention.
Russia's agriculture safety watchdog has threatened to suspend operations of 30 grain loading points in two of Russia's top grain exporting regions citing sanitary concerns after complaints from major buyers mount.
A provision in the newly agreed to USMCA (NAFTA) limits the US, Mexico, or Canada from entering into trade deals with non-market countries. Analysts suggest this would prohibit the three countries from entering into agreements with China without the consent of the others.
President Donald Trump is expected to visit Iowa next week to deliver on a promise to lift a summer ban on higher ethanol blends of gasoline, according to two sources familiar with the plan, aimed at helping Farm Belt Republicans in tight congressional election races. (Reuters)
Managed money funds were buyers again yesterday with traders estimating they bought 10,500 corn contracts, 7,500 soybeans, 8,000 wheat, 2,000 soymeal, and 4,000 soyoil.
U.S. Lawmakers are considering an extension of the Farm Bill since decisions on a new bill have stalled. The bill provides funding for key programs, including crop subsidies and rural development. The latest one expired formally on Sept. 30 after talks over its replacement broke down.
The Parliamentary Agricultural Front, a Brazilian congressional farm lobby, has officially endorsed presidential candidate Jair Bolsonaro ahead of Sunday's election.
Crude Inventories are expected to have risen two million barrels in the week ended September 28th. The EIA will report their data at 9:30 AM CDT.
The Dow Jones Industrial Average hit a record high on Tuesday as it rallied for a second day, boosted by optimism around global trade. The 30-stock index closed 122.73 points higher to 26,773.94 for its first record close since Sept. 21. (CNBC)
December Live Hogs traded lower closing near strong resistance level at $59.15. Next level of resistance at $60.55 with support at $53.82.
December Live Cattle closed 52 cents higher closing above critical resistance at the $119 level, support remains at $116.62.
Cash cattle prices are expected to continue a small push higher into October and the end of the year, but likely not by much. We will also caution futures likely already have this priced in.
Dressed Beef Values were lower with choice down 0.19 and select down 0.65. The CME Feeder Index is at 157.82. Pork cutout value was down 0.57.
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