Daily Grain Comments

Note: Corn Products in Chicago will close at midnight Friday, February 12, 2010 and will re-open 5AM Monday, February 15, 2010.

Elburn Coop in Morris will be open for corn and soybeans on Monday , February
15, 2010.
Elburn Coop in Ottawa will be closed Monday, February 15, 2010 re-opening at 7AM Tuesday, February 16, 2010.

In Friday’s trading, grain futures finished mixed. China announced an increase in bank reserve requirements which sparked worries of slower economic growth. Export sales were in line with analysts’ estimates for corn but, disappointing for soybeans. Mar corn finished down 1 ¾ today but, up 10 for the week. Mar soybeans closed up 2 today and up 31 ½ for the week. Jul Chicago wheat futures finished 7 ¼ lower for the day but, 13 ½ for the week.

Locally, CPC announced an increase in discounts for BCFM (broken corn and foreign material) starting February 22, 2010. 5.1% to 6% BCFM will now be discounted 6 cents per bushel. 6.1% to 7% BCFM will be discounted 8 cents per bushel. The scale goes up from there. Previous discount schedule was 5 cents per each % above 5.1%. This continues recent discount adjustments at area river and rail terminals. BCFM management by elevators and producers with on farm storage will be well rewarded this year. Avoiding these increased discounts can add several cents per bushel to the bottom line.

National average on highway diesel fuel prices dropped another 1.2 cents in this weeks report marking the fourth consecutive weekly decline. Lower crude oil prices will likely continue this trend next week.

Have a great weekend!
Mike Etienne