Thursday Jully 23,2009

Corn futures jumped higher on word that the USDA eill resurvey acres in 7 US corn belt states. This raised speculation that farmers especially in Southern Ind and Southern Ill did not get all of the intended acres planted Some feel as much as
500.000 to 1 million acres did not get planted due to the wet spring.There also was some buying dueto the forecast that suggest over the next few weeks the NW corn belt may see limited rains. Temps will be cooler than normal With the sharp drop in corn prices have triggered interest in exports Soybeans seemed to follow corn higher on the day with very little news observed. The buyers on the day were the funds with about 4000 contracts of soybeans

Chuck Peterson