Note: Corn Products in Chicago will remain open for corn truck deliveries until 3 PM on Saturday, January 9, 2010. They will then reopen at 5AM on Monday, January 11, 2010.

IRE in Rochelle will also be open for corn deliveries on Saturday, January 9, 2010. Their hours will be 7 AM to 3:30 PM.

Elburn Coop in Ottawa will be taking soybeans on Monday, January 11, 2010


In today’s trading, grain futures finished mixed. Corn and wheat were supported by a lower dollar and index fund buying at the end of the trading session. Soybeans were pressured by an abundant South American supply forthcoming and lack of new demand. Indications of China raising their interest rates continued to negatively affect soybean prices. Mar corn finished up 5 ½ today and up 8 ½ for the week. Mar soybeans closed down 4 today and down 26 ½ for the week. Jul Chicago wheat futures finished 10 ½ higher for the day and up 24 ½ for the week. The market is looking forward to the Quarterly Stocks report due to be released next Tuesday.

National average on highway diesel fuel prices jumped 6.5 cents in this weeks report after being relatively stable for several weeks. This returned the national average to early November levels.

Locally corn harvest was again interrupted by snow this week Expect to see combines running this weekend to try and finish up in some areas. Ice conditions on the Mississippi River north of St Louis and on the Illinois River in some areas are wreaking havoc on barge movement. This is causing barge availability problems at some Illinois River terminals.

Have a great weekend!
Mike Etienne

Thursday January 7th, 2010

Happy 2010 to all. It is Energy Thursday and the market is up for the week. Crude closed down $.52 today at $82.66, but for the week we have seen $3.30 gains. Monday and Tuesday provided most of those gains and thankfully or not so thankfully(depending on what side of the market you are on) Wednesdays DOE report cooled the waters. The DOE reported builds of 1.3 million bpd on crude, 3.7 million bpd on gas, and draws of 300,000 bpd on heating oil/diesel. So despite the cold snap heating oil barely broke draws, disappointing the bulls who where eager on expectation of 1.9 million bpd. Although the report was bearish and the dollar has seen some strength, losses have been minimal the past two days leading me to believe the top isn't here yet. Tomorrows unemployment data will have the largest impact on energy, we will have wait and see if the run is over. I am still looking for some correction, it seems unlikely we can maintain weekly increases without a healthy dip.
Good evening all, stay warm.
Zach Winter

Tuesday January 5th, 2010

A day of consolidation on the ag trading floor as corn finished unchanged, beans up 3 cents and wheat down 5. Some pretty good local harvest progress over the last 4 days locally with the extremely cold temperatures allowing the snow to run through the combine and not melt in the process. Funds are long 228,000 contracts of corn with many traders believing they will add to that position later this week or at least the first half of this month. The next USDA production report will be out Jan 12th with many looking for a 100 million bu reduction in corn production due to weather loss and low test weights. Looking at a nearby S&D table one could say $4.20 Mar futures are overpriced with a 1.6 billion bu carryout but those looking at next year, knowing we need more corn acres than we had this year might view $4.45 Dec 10 as stable with limited downside until we get all those acres planted in a timely manor.

Soybeans were slightly higher today with basis 7-8 cents stronger as river logistics are getting "ICY". Bids down at the gulf have increased in order to cover our good export program and that has helped the nearby and Feb basis numbers. Weather in SA looks ideal in Brazil but we are actually hearing reports that Argentina is TOO WET, go figure after last years horrible drought.

Please remember to check grain bins for possible hot spots even in this cold weather.

Scott Meyer

Monday January 4th, 2010

From oil to gold to grains, a broad range of commodities soared on Monday, the first business day of 2010, as investors favored riskier bets over the dollar amid fresh signs the U.S. economy was poised for recovery. Corn ended higher Monday, as gains on a weaker dollar and surging crude oil were tempered by farmer selling, traders said. Prices surged on the open, setting a new high for the recent rally at $4.26, but were unable to hold there and slumped for most of the rest of the session. After dipping to unchanged, the market pushed higher in the last few minutes of the session.

Soybean futures ended higher Monday, rallying to start the New Year on broad based speculative buying across the commodity sector. A lot of speculative buying that headed to the sidelines ahead of the holiday’s returned to start the year, with weakness in the U.S. dollar, and strength crude oil and gold futures fueling the gains in soybeans, analysts said. The bullish outside macro market influences underpinned futures throughout, as traders remain optimistic that the rebalancing of index fund positions will bring new investment fund buying to the market early this month. Supportive underlying export demand and outlooks for increased soymeal feed use due to frigid central U.S. weather provided some fundamental strength for prices. Nevertheless, futures ended well off early advances, as traders booked some profits after failing to attract follow through buying at session highs. Favorable weather conditions for expected record South American crops provided light pressure to cap upside movement as well, traders said.