Corn dn 2 cents, beans unchanged, and wheat up 10 today as all 3 markets were much lower this morning and closed near their high today. The outside markets were much lower today with crude dn $3.45 at the time of this writing and the dow industrial down 248 pts! The Greece financial problem has again reared it's ugly head up as well as Spain and other European countries. The US dollar is benefiting from all of this negativity out of Europe and the stronger dollar is usually always negative to commodities in the investment world. Planting progress in Northern Illinois is going off without a hitch and as is the case in much of the corn belt. It appears planting will be done in record time with almost no current drought areas on the national map, sounds like a big harvest in the making.
Got an e-mail today on the oil rig explosion in the Gulf of Mexico and wanted share a few thoughts. I would first state that the 11 missing men are still missing and authorities have said they do not expect them to be found. The oil rig was contracted by BP for $500,000/day and with helicopters, support vessels, and other services it is estimated at $1 million/day! The rig is a state of art floating rig that is held in place not by anchors but jets under the water that use constant GPS signals to keep the rig in one place. The rig cost $350 million to build in 2001 and would cost more than double that to rebuild today.
Scott Meyer
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