Good afternoon bloggers! The Morris Terminal construction is now complete and running full bore. You may see crews fine tuning equipment and putting the finishing touches on in order to ensure perfection. The new screener and conveyor are operating beautifully and definitely helping with loading barges.
Today we witnessed a choppy session as corn and bean prices fluctuated throughout the day. The market closed up for the day which was great to see. Corn finished +3 cents at $3.62. Basis is still remaining steady and strong with hopes of encouraging corn into the pipeline. November ethanol production is 17.6% higher than what it was a year ago.
Beans closed +2 cents at 9.32. Beans closed higher with support by strong exports especially from China. Last year China's total soybean purchase was 13.7 million metric tonnes (mmt) which is far less than the 21.3mmt purchased this year. The USDA will estimate new crop S&D situation on February 18. Expect a 'bearish' looking new crop S&D in the USDA forecast. South America continues to receive rain and some prospect conditions to improve in northern regions.
Illinois and much of the Midwest has seen a shot of cold air this week. Temperatures are down into the single digits in the N. Illinois and S. Wisconsin regions. We will not see another 'heat wave' until late next week which will bring the temperature back up into the 30's.
Have a great day and for any fellow Illini fans...Oskee wow wow!
Nathaniel Dubravec
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