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 March 7, 2019.
Grain markets are dealing with an uncertain crop size across the globe as the USDA Supply and Demand report looms. Traders are unwilling to make a firm commitment one way or the other until the data is clear.
We could use your help! Our annual acreage survey will conclude this Friday! US planted acreage intentions will soon become a major trade focus, and your estimates help us all gain insight into what the USDA will report later this month. Submit your acreage estimates here. Thank you!
Average estimates for this Friday's USDA Supply and Demand report were released by Reuters. Analysts see soybeans ending stocks at .902 billion bushels, wheat 1.020, and corn at 1.736 billion bushels. World ending stocks are estimated at 267.47 million tonnes for wheat, 309.06 corn, and 106.33 soybeans.
South American numbers have Argentina's corn production at 45.92 million tonnes and soybeans at 55.23. Brazilian corn production is estimated at 94.66 million tonnes, and soybeans at 115.73.
Canadian agribusiness Richardson International said on Wednesday that canola it shipped to China met regulatory requirements after a Chinese official charged that "hazardous pests" were found in samples taken recently from Canadian canola imports. (Reuters) The announcement comes as China rejects Canadian Canola as the investigation against the Chinese firm Huawei continues.
Managed money funds were estimated sellers across the board yesterday with estimates of them selling 9,500 corn contracts, 8,000 soybeans, 7,500 wheat, 3,500 soymeal, and 4,000 soyoil.
Allendale's current hog production estimate is at 2.510 - 2.525 million head. Our 2.520 running guess will be 4.6% over last year. Despite everyone saying "...a change in supplies is just around the corner" it is not a fact at this time.
USDA announced it will be teaming up with Customs and Border Patrol to add 60 more beagle teams at US airports and ports. This would bring the beagle force to a total of 179 teams. The primary purpose of these new numbers is to help sniff out illegal pork products and keep out African Swine Fever.
Bloomberg's survey of Cattle on Feed analysts is to see January placements into feedlots at 7.2% under last year. The range in estimates is from -4.2% to -13.0% vs. the previous year. We compute 5.2% fewer placements than last year over the September - January period (-549,000 head). For January marketings of finished cattle, they will run 1.9% over last year according to the average guess.
Dressed Beef Values were higher with choice up 0.89 and select up 0.58. The CME feeder index is 139.59. Pork cut-out values were up .47.
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