A note for all of our customers:
On Wednesday November 25th our elevator in Steward will be joining our local area farmers in supporting a harvest event for the Govig family. Members of the community have come together to harvest the families crop in one day. Elburn Cooperative will be cooperating to be sure we get this volume of corn dumped in a timely manner. Please be aware we will be placing a priority on getting this corn elevated in our facility.
Saturday, November 21, 2009
Friday, November 20, 2009
Friday, November 20, 2009
The corn market seemd to suffer from a lack of interest today. There was pressure from a firm dollar index which actually closer higher for the week for the first time in three weeks. The weak export sales report from yesterday didn't help matters despite the announcement today of a 480,000 ton sale of corn to Mexico for 2009/10 and 275,000 tons for next year. The expected clear weather for the next several days should allow for a good harvest window heading into the Thanksgiving window. We all seem to be waiting for the shoe to drop on the fundamental side with U.S. corn currently overpriced compared to competitors and livestock profitability continuing weak.
The bean market doesn't seem to care about the problems of the corn market, export sales are up 59% for the year, soybean meal sales are up 68% with Chinese demand continuing brisk so far this year. For the day commodity funds were good buyers of beans at 4,000 contracts helping to push beans up $.60 for the week with the January contract now at the highest level since August. Good prices? We certainly have seen a lot of interest near the $10.00 from local producers.
Phil Farrell
The bean market doesn't seem to care about the problems of the corn market, export sales are up 59% for the year, soybean meal sales are up 68% with Chinese demand continuing brisk so far this year. For the day commodity funds were good buyers of beans at 4,000 contracts helping to push beans up $.60 for the week with the January contract now at the highest level since August. Good prices? We certainly have seen a lot of interest near the $10.00 from local producers.
Phil Farrell
Thursday, November 19, 2009
November 19th, 2009
It is energy Thursday, not much has been said about grain lately on our "grain blog" so I thought I would let Clint Vaughan our WSPY radio correspondent let you know whats happening. Of course after I get done boring you with Energy updates.
Once again the story this week has been the dollar. With the dollar heading higher traders looked for a safer place than commodities to invest their money. Several recent articles have pointed to the real life situation our economy is in, not the one made up of paper day traders wearing white collars and expensive shoes, but the one with increasing monthly home foreclosures and delinquent payments. This weeks talks are pointing to the mortgage mess not being behind us, which could be a catalyst that moves fuel prices back down in the long term. This weeks DOE report should of sent the market up, but with the dollar gaining and uncertainty in the air, it has been pretty much a stalemate. Early week gains have balanced after two consecutive day's of loss. It was draws across the board on crude and product, in this weeks DOE report. If I would of wrote the blog yesterday, I would of been much more concerned about market gains, but as the dollar has gained the investors have shied. Prices seem to be stable and I don't look for much change as we close the week, a possibility of small gains in tomorrows forecast. Overall weekly demand is up on gasoline by 8.8 million bpd and up on diesel 3.5 million bpd. Four week average demand verse last year is still down on both products; .4% on gas and 11.4% on diesel. In the short term I don't see prices moving much out of the current range, no quick reason other than personal demand to fill up.
And now Clint Vaughan...
"Wednesday, the market showed rallies in both corn and beans; however, these rallies didn’t hold their strength on the close as the board ended lower. Today we saw a repeat on soybeans as they rallied again, although they did not end on their daily highs the board did close higher. The basis has also narrowed on both corn and beans, which has helped to push beans up and over $10.00 mark. The narrowing basis has also helped to hold corn steady to early week closes. Overall, not a bad week for grain."
Signing off
Zach
Once again the story this week has been the dollar. With the dollar heading higher traders looked for a safer place than commodities to invest their money. Several recent articles have pointed to the real life situation our economy is in, not the one made up of paper day traders wearing white collars and expensive shoes, but the one with increasing monthly home foreclosures and delinquent payments. This weeks talks are pointing to the mortgage mess not being behind us, which could be a catalyst that moves fuel prices back down in the long term. This weeks DOE report should of sent the market up, but with the dollar gaining and uncertainty in the air, it has been pretty much a stalemate. Early week gains have balanced after two consecutive day's of loss. It was draws across the board on crude and product, in this weeks DOE report. If I would of wrote the blog yesterday, I would of been much more concerned about market gains, but as the dollar has gained the investors have shied. Prices seem to be stable and I don't look for much change as we close the week, a possibility of small gains in tomorrows forecast. Overall weekly demand is up on gasoline by 8.8 million bpd and up on diesel 3.5 million bpd. Four week average demand verse last year is still down on both products; .4% on gas and 11.4% on diesel. In the short term I don't see prices moving much out of the current range, no quick reason other than personal demand to fill up.
And now Clint Vaughan...
"Wednesday, the market showed rallies in both corn and beans; however, these rallies didn’t hold their strength on the close as the board ended lower. Today we saw a repeat on soybeans as they rallied again, although they did not end on their daily highs the board did close higher. The basis has also narrowed on both corn and beans, which has helped to push beans up and over $10.00 mark. The narrowing basis has also helped to hold corn steady to early week closes. Overall, not a bad week for grain."
Signing off
Zach
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