Note: Corn Products in Chicago will remain open for corn truck deliveries until 3 PM on Saturday, January 30, 2010. They are closed on Monday, February 1, 2010 and will reopen at 5AM on Tuesday, February 2, 2010.

Elburn Coop in Ottawa will be taking corn on Monday, February 1, 2010.

In today’s trading, grain futures finished a bad week on a down note. A higher US dollar has made all commodity exports look less attractive to foreign buyers. Lower crude oil also led commodities lower today. Soybeans are pressured by fear of Chinese contract cancellations in favor of South American origins. Mar corn finished down 5 ¼ today and down 8 ½ for the week. Mar soybeans closed down 17 ¾ today and down 37 ½ for the week. Jul Chicago wheat futures finished 12 ½ lower for the day and down 23 ¾ for the week.

National average on highway diesel fuel prices dropped 3.7 cents in this weeks report adding to a small drop last week. Lower crude oil prices have helped stabilize diesel prices the past few weeks.

Locally we continue to pick up and receive corn from the field when weather conditions allow harvesting to occur. Slowly we try to wind up harvest in our area.

Have a great weekend!
Mike Etienne

Thursday January 28th, 2010

It is Energy Thursday, but it seems all the energy has left the market. Today's session started off as though gains were on the way, but soon sold off to close relatively unchanged. Yesterdays DOE report sent the energy market south, proving the crude draws were not enough to overcome the poor demand on product. Crude closed at $73.64, which is about a dollar lower from the start of the week. Heating oil and gas have lost weight this week as well, both are down about .03 cents. Tomorrow marks the close of the February futures so expect more volatility than a typical Friday.
Economic data released today didn't quite add up to expectation, while jobless claims dropped and durable goods orders were up for December it provided little support. The DOW posted triple digits losses, S&P was down about 13 and the NASDAQ was down 42 plus points. Record dollar gains have helped keep the bulls at bay in energy, if the dollar holds look for more energy losses as we wrap up the week and end the month. If the dollar reacts as though it was over cooked, look for slight gains. As I have echoed the past couple of weeks its a good idea to fill tanks but hold off on contracting gallons, we're still playing with house money.
Good evening all.
Zach

Thursday January 28, 2010

Good afternoon bloggers! The Morris Terminal construction is now complete and running full bore. You may see crews fine tuning equipment and putting the finishing touches on in order to ensure perfection. The new screener and conveyor are operating beautifully and definitely helping with loading barges.

Today we witnessed a choppy session as corn and bean prices fluctuated throughout the day. The market closed up for the day which was great to see. Corn finished +3 cents at $3.62. Basis is still remaining steady and strong with hopes of encouraging corn into the pipeline. November ethanol production is 17.6% higher than what it was a year ago.

Beans closed +2 cents at 9.32. Beans closed higher with support by strong exports especially from China. Last year China's total soybean purchase was 13.7 million metric tonnes (mmt) which is far less than the 21.3mmt purchased this year. The USDA will estimate new crop S&D situation on February 18. Expect a 'bearish' looking new crop S&D in the USDA forecast. South America continues to receive rain and some prospect conditions to improve in northern regions.

Illinois and much of the Midwest has seen a shot of cold air this week. Temperatures are down into the single digits in the N. Illinois and S. Wisconsin regions. We will not see another 'heat wave' until late next week which will bring the temperature back up into the 30's.

Have a great day and for any fellow Illini fans...Oskee wow wow!

Nathaniel Dubravec

Tuesday January 26th, 2010

Corn ended the day down 5.5 cents as fund selling continues to grind the market lower. Funds have sold an estimated 100,000 contracts in the last week but still maintain a long position of 177,000 contracts. Financial institutions and traders are awaiting the Wed State Of The Union Speech by President Obama, as many fear he will lash out at big banks. The US Dollar was stronger today on news of the President's call for a government spending freeze, the higher dollar usually sets up for lower commodities prices. Corn basis continues to show strength at the processor but beware of the discount schedule if any problems arise out of the bin.

Soybeans had a technical bounce today and finished up 7 cents in the old crop futures month. Talk continues to concentrate on SA with record crops expected in Brazil and above average in Argentina. China continues to thirst for soybeans and export sales again this Thursday should reflect good numbers sold for the past week. With the snow melting and ground refreezing, hopefully we can get this harvest knocked out before much more snow flies our way.

Scott Meyer

Monday January 25th, 2010

Corn prices rose on quiet trading today, led by metal and energy contracts. Soybeans continued to retreat on concerns about oversupply. Traders said there was little fundamental reason for the market to climb, and little expectation that Monday's gains would be the start of an extended rally. A few said the market was merely oversold. But traders also said there were signs that after falling roughly 60 cents the past couple of weeks, the market is at a point where further significant losses are unlikely, at least in the short-term.

Soybean futures backpedaled Monday, dropping to 3 1/2- month lows on bearish South American crop outlooks and technical selling. The prospect of record South American crops following bumper U.S. production in 2009 kept prices lower in the absence of fresh news to buoy prices, analysts said. The potential for big crops in Brazil and Argentina managed to trump any need for a technical correction, despite concerns that the market’s 11% drop in prices in the last two weeks had left futures oversold. In the absence of fresh supportive news, the path of least resistance remained lower, as a lack of new export news and a lack of definitive support from outside markets, left market bulls without any good buy signals.