Good afternoon bloggers! Today we say CK0 close -1 cent at $3.54. All corn futures were down -1 cent today. Soybeans didn't do any better and closed -5 cents at $9.25. All soybean futures closed down a few cents on the day.
In regards to market news, it was a lackluster day. Not much fresh news. USDA announced a sale of 116,000 tons of US corn to South Korea. CIF corn has not done well this week and has dropped to +31. Ethanol finished 1.18% lower at $1.59/gallon. Soybeans were lower on the day. Soybean futures seemed to slide following yesterday's performance. Private exporters reported export sales of 220,000 metric tons of soybeans for China delivery.
Oil and other energy futures fell today. Gold prices continue to fall as the strength of the Euro increases. Gold has dropped 4% since two weeks ago.
Look for the weather to remain warm with rain this weekend. There is a system moving through that will be bringing some rain. Watch out for some severe weather this weekend in the Ohio River Valley area. Dryer weather is expected next week in Illinois.
Did you know: The name 'Chicago' is the French rendering of an American Indian word 'Shikaakwa' which roughly translates to 'wild onion'.
Good night and good luck,
Nathaniel Dubravec
Friday, March 12, 2010
Wednesday, March 10, 2010
Wednesday March 10, 2010
Did you know: This coming Monday (March 15) marks the 'Ides of March'. In 44 BC Julius Caesar was killed on this day. "Et tu Brute?" comes from Shakespeare's play.
Today corn and wheat closed on mixed losses. Corn was down -3 cents at $3.65. Wheat was down -7.5 cents at $4.70. Prices for soybeans were constructive as soybeans found themselves on the better side of the market. Nearby soybeans finished up +10 cents at $9.58. Big news on the day was the USDA monthly crop report.
Corn prices retreated after the USDA monthly crop report showed a plethora of grain. This wasn't the first time the report threw us for a loop. It feels like the past few reports were expected to show corn supply to drop. Instead of supply dropping slightly as anticipated, corn supply rose. Wheat prices also dropped because of larger supplies. Corn harvested area declined 10,000 acres in Michigan, but was unchanged in Illinois and much of the Midwest. The Dakotas are still having one hell of a time getting at their corn due to the epic amount of snow received. The Dakotas were not surveyed for this report, but will be at a later date once farmers can actually get to it! Yields in Illinois decreased 1 bpa. US is at 13.1 bbu which is down from the previous estimate.
Corn basis is modestly weaker from a week ago.
Today was a good day for soybeans. Soybeans were up on the day. Great to see! CIF is offering +60 over the SK0. The USDA report showed a decline in harvested bean acres in Georgia and the Carolinas only. China bought 110 tons of soybeans for delivery. The Agriculture Ministry raised Brazil's 09-10 soybean crop 18% greater than what was harvested last year. A quick change of topic-1 year extension of the $1/gallon biodiesel tax will be attached to the job bill. It will be voted on later this week in the US Senate.
Some interesting wheat news is Brazil's unhappiness with US subsidies for the cotton industry. It seems that our Latino friends are threatening higher tariffs on a variety of goods if their demands are not met in regards to the cotton industry. We will keep an eye on this to see what happens. Wheat was feelin' the heat from Egypt today. The world's top wheat importer bought 120,000 tonnes of Russian and French wheat...bypassing Uncle Sam's supplies.
The Morris Terminal has been busy as always. We've been busy filling bean barges as of late with plans to work on a few corn barges in the near future. With a warm temperatures, flocks of common golden-eyes overhead, and high spirits present...the Morris Terminal is definitely the place to be. Nearby Morris corn is -.17 FH March. Nearby Morris soybeans are even SK0. If you are able to hold onto corn for 2 more months you can pick up 6 cents.
Today's weather was a high of the year for much of the Midwest. The Morris Terminal saw temperatures soar to 61 degrees today. For much of Northern Illinois, we will see warmer temperatures and rains into Sunday afternoon.
Stay classy Illinois,
Nathaniel Dubravec
Today corn and wheat closed on mixed losses. Corn was down -3 cents at $3.65. Wheat was down -7.5 cents at $4.70. Prices for soybeans were constructive as soybeans found themselves on the better side of the market. Nearby soybeans finished up +10 cents at $9.58. Big news on the day was the USDA monthly crop report.
Corn prices retreated after the USDA monthly crop report showed a plethora of grain. This wasn't the first time the report threw us for a loop. It feels like the past few reports were expected to show corn supply to drop. Instead of supply dropping slightly as anticipated, corn supply rose. Wheat prices also dropped because of larger supplies. Corn harvested area declined 10,000 acres in Michigan, but was unchanged in Illinois and much of the Midwest. The Dakotas are still having one hell of a time getting at their corn due to the epic amount of snow received. The Dakotas were not surveyed for this report, but will be at a later date once farmers can actually get to it! Yields in Illinois decreased 1 bpa. US is at 13.1 bbu which is down from the previous estimate.
Corn basis is modestly weaker from a week ago.
Today was a good day for soybeans. Soybeans were up on the day. Great to see! CIF is offering +60 over the SK0. The USDA report showed a decline in harvested bean acres in Georgia and the Carolinas only. China bought 110 tons of soybeans for delivery. The Agriculture Ministry raised Brazil's 09-10 soybean crop 18% greater than what was harvested last year. A quick change of topic-1 year extension of the $1/gallon biodiesel tax will be attached to the job bill. It will be voted on later this week in the US Senate.
Some interesting wheat news is Brazil's unhappiness with US subsidies for the cotton industry. It seems that our Latino friends are threatening higher tariffs on a variety of goods if their demands are not met in regards to the cotton industry. We will keep an eye on this to see what happens. Wheat was feelin' the heat from Egypt today. The world's top wheat importer bought 120,000 tonnes of Russian and French wheat...bypassing Uncle Sam's supplies.
The Morris Terminal has been busy as always. We've been busy filling bean barges as of late with plans to work on a few corn barges in the near future. With a warm temperatures, flocks of common golden-eyes overhead, and high spirits present...the Morris Terminal is definitely the place to be. Nearby Morris corn is -.17 FH March. Nearby Morris soybeans are even SK0. If you are able to hold onto corn for 2 more months you can pick up 6 cents.
Today's weather was a high of the year for much of the Midwest. The Morris Terminal saw temperatures soar to 61 degrees today. For much of Northern Illinois, we will see warmer temperatures and rains into Sunday afternoon.
Stay classy Illinois,
Nathaniel Dubravec
Tuesday, March 9, 2010
Tuesday March 9th, 2010
The day before the monthly USDA S&D report found traders believing in higher SA production numbers and possibly lower corn exports as corn finished down 6 cents. Nearby May futures have retreated 20 cents off their near term high and seem to be weighed on by increasing corn carryout and increased new crop planting intentions. Corn exports could really be the dagger for prices this year as our reputable stellar corn quality of years past has given way to problems this year with buyers looking to Brazil and Argentina for higher TW and lower damage supplies. Funds are estimated long 105,000 contracts of corn.
Soybeans finished unchanged as they should fare better tomorrow from a domestic standpoint as many see exports higher and production maybe a tad smaller. Carryout should be lower than 200 million bushels which gets into the needing a descent crop this year to stay at an ample supply. The bad news for beans tomorrow will be SA production estimates as all the private forecasts have been larger than the last USDA indications. Evidence of the large crop is seen with Brazil's infrastructure starting to bend as they try to handle the increased bushels. Funds are estimated long 13,000 contracts of soybeans.
Monthly report card tomorrow morning at 7:30.
Scott Meyer
Soybeans finished unchanged as they should fare better tomorrow from a domestic standpoint as many see exports higher and production maybe a tad smaller. Carryout should be lower than 200 million bushels which gets into the needing a descent crop this year to stay at an ample supply. The bad news for beans tomorrow will be SA production estimates as all the private forecasts have been larger than the last USDA indications. Evidence of the large crop is seen with Brazil's infrastructure starting to bend as they try to handle the increased bushels. Funds are estimated long 13,000 contracts of soybeans.
Monthly report card tomorrow morning at 7:30.
Scott Meyer
Monday, March 8, 2010
Monday March 8th, 2010
A round of short-covering by investors supported soybean and wheat futures on Monday despite bearish supply fundamentals for both commodities. The combination of a bleak technical picture and rising supply levels pushed corn prices to a two-week low. But managed investment funds held a net short position in both soybeans and wheat, leaving them prone to rallies despite abundant global supplies. The strength in soybeans came despite expectations for bumper crops in soy-producing countries such as Argentina and Brazil. The ongoing harvest in those areas will likely weigh on soy prices in the coming weeks.
Corn futures fell as traders focused on the bearish technical picture despite concerns that wet weather around the U.S. Midwest could cause delays to seeding this year's crop. Rains forecast this week may cause flooding in fields that have already been saturated by melting snow. While traders are mostly expecting little change to the balance sheet in the report, the USDA's March crop revision is unusual, and the uncertainty is underpinning the market, analysts say.
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