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 16, 2018!
Grain Markets continued pushing higher off of poor weekend weather conditions, increasing harvest concerns and stronger than expected NOPA crush report numbers.
USDA Crop Progress Report had corn crop conditions at 68% GTE (67% expected, 68% last week, 65% last year). The US corn harvest is at 39% complete (40% expected, 34% last week, 27% last year, 35% average). Soybean crop conditions at 66% GTE(67% expected, 68% last week, 61% last year). Soybean harvest at 38% complete (40% expected, 32% last week, 47% last year and 53% average). US winter wheat planting came in at 57% complete (65% expected, 57% last week, 58% last year and 67% average).
NOPA Crush was released yesterday at a record 160.779 million bushels. The figure is a monthly record and up from the 158.885 million bushels processed in August. It is well above last year’s 136.419 million bushels.
Managed Funds started the day an estimated short 7,000 corn contracts, short 35,000 soybean contracts, short 20,900 wheat contracts, long 37,800 soybean meal contracts and short 35,100 soybean oil contracts.
AgRural announced Brazilian farmers are planting the new soybean crop at a record pace, 20% of the projected area. Last season, they were at 12% of plantings and a 10% five-year average.
Two Shipments of US soybeans to China were confirmed in last week’s grain export inspection report. One full cargo of 65,431 tonnes was shipped out of the Mississippi River. A second smaller one, of 12,001 tonnes, was shipped out via an interior location.
New African Swine Fever case was confirmed on a farm with roughly 20,000 pigs on Monday, the largest farm yet to report the highly contagious disease in the world's top pork producer. The new case underlines the escalating threat to the China's $1 trillion pig industry from the disease despite a variety of measures implemented to prevent its spread. Hog prices have dropped sharply in China's northeast regions since farmers are unable to transport their herds out of infected provinces, while prices in the south have surged.
Dressed Beef Values were mixed with choice up 2.09 and select down .39. The CME Feeder Index is at 156.26. Pork cutout value was up 1.46.
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