Good afternoon bloggers! Today the market found itself on positive ground again. Futures rallied today propelled by more China talk and wet weather concerns for Canada and USA. Corn was up +1-2 cents. Fall corn was up +2 cents. Soybeans were up +5-9 cents. Fall soybeans were up +9 cents. Cash corn is $3.46. Cash soybeans are $9.67.
The market the past few days has been performing well. Planting delays and issues in Canada, weak USA currency, China looking for beans, and biofuel blend talks are all playing a role. The most talk that I have heard in regards to Canadian crops has been in the news lately. Planting delays and problems with crops (especially oats) has been turning heads. The USA dollar was weaker during mid-day trading and is currently up .18%. I heard talk that earlier this week China was interested in South American soybeans due to a much better bid vs. USA Gulf market/ Pacific North West market (P.N.W.). Today there was more talk of a biofuel blend bill. Currently, reports are estimating that Congress does not have enough votes for a biofuel blend increase. May 2010 was the warmest on record.
There have been wet weather problems in wheat growing areas near Omaha, NE. Regions in northeastern China have mostly been hot and dry. There was an absence of fresh news from the outside markets today.
New Orleans bids have been firm this week. The Gulf of Mexico is bidding +45 for July corn and +63 cents for July soybeans. Though these bids are firm, the PNW has been drawing grain away from the Gulf. Earlier today the PNW was bidding +80 cents for July corn. The Illinois River appears to have crested and did not give us any trouble with loading barges today. This is the highest I remember the river being since the snow melt months ago.
Stay classy Illinois,
Nathaniel Dubravec
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