MORRIS RIVER TERMINAL IS WILL BE CLOSED FOR GRAIN DELIVERIES BEGINNING AUGUST 2, 2010. REPAIRS AND IMPROVEMENTS ARE SCHEDULED TO LAST THE DURATION OF AUGUST.
Hello bloggers! Today corn, beans, and wheat posted impressive gains on the day
Fall corn +14 cents @ $3.91
Fall beans +12 cents @ $9.78
Wheat +20 cents @ $6.47
Corn closed the day UP +10 to +14 cents. Corn and all commodities were up on the day due to foreign weather concerns, Chinese purchases, and technical buying. Russia, Australia, Europe, and other regions of the world are still working with a drought. Fears of declining world stocks of grain definitely helped boost the market today. Russian agricultural analysts said the drought may nearly halve grain exports by Russia to 12 million tons in the 2010/11 crop year started on July 1 from 22 million tons in 2009/10.
Not only is Russia and other countries having troubles, this is coupled with growing Chinese demand. China purchased another 120K tons of beans from the US this morning and is suspected that the USDA underestimated the amount bought from Uncle Sam. China is raising more livestock and has a rapidly growing population. Their demand for grain has drastically increased and this demand is expected to be long term. Thought these are all major reasons for the markets to be up today, analysts suspect technical buying has been the main catalyst for stronger corn and bean values today.
Stay classy Illinois,
Nathaniel Dubravec
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment