Good afternoon bloggers! It was on this day in 1809 that the US Congress passed legislation creating the 'Illinois Teritory' which ran from southern Illinois to Wisconsin and Minnosota. It wasn't until 1818 that Illinois officially became a state.
The past two days saw commodities not following a downward trend. But three days of 'grain in the green' evaded us today. Corn finished -12 cents at $3.53 and soybeans fell 17 cents to $9.08.
The corn and bean market took another tumble following crude oil and gold. The stronger US dollar did not seem to help either. Basis levels continue to strengthen. Corn basis on the Illinois River has remained steady and New Orleans is offering +48 cents CH. Illinois River soybean basis has also strengthened this week. The The stronger U.S. dollar has been keeping beans and corn under pressure. The Gulf soybean basis is at +62 cents.
Other news is that the USDA will be issuing their monthly S&D estimate next Tuesday. Late today the EPA ruled in support for ethanol and bio-diesel production in regards to the life cycle of greenhouse gases. 'Conceptually, this is supportive for grain based biofuel production in the U.S.' China seems to be purchasing grain from the South American market. South America weather has been nothing but stellar. Though the weather is helping out S. America's crop, issues of rusts and fungi are threatening late season crop prospects.
Oskee wow wow,
Nathaniel Dubravec
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