Note: Elburn Coop – Morris, Elburn Coop – Ottawa and Corn Products in Chicago will be closed Monday, May 31, 2010 in observance of the Memorial Day holiday.
Corn Products in Chicago will re-open at 5AM Tuesday, June 1, 2010.
Elburn Coop in Morris will be open for corn and soybeans on Tuesday, June 1, 2010.
Elburn Coop in Ottawa will be open for corn on Tuesday, June 1, 2010.
After a rally on Thursday, grain and soybean futures slumped Friday. Prices were crippled by a combination of fundamental and outside market factors. Favorable weather forecasts for crop development in most areas pressured prices but, news that the Fitch rating agency had downgraded Spain’s credit rating broke the market to the downside. Corn and soybeans fell along with stocks and crude oil. There were no new corn sales to China announced this week and in fact some new crop sales were canceled. The domestic price of corn in China is still favorable for importing corn there so expect to continue to hear rumblings of corn exports to China.
In today’s trading, grain and soybean futures were all down hard at the close. July corn finished down 14 ¼ for the day and down 10 for the week. July soybeans closed down 14 today and down 3 for the week. July Chicago wheat futures finished 10 lower today and down 14 for the week.
National average on highway diesel fuel prices dropped for the second week in a row down 8.2 cents in this weeks report. After slumping early in the week, crude oil prices recovered mid week. Though they did give up some that gain today. Stocks of distillates and crude oil remain historically high but, look for any weather scare in the gulf to rally prices quickly. Gulf of Mexico waters are the warmest they have been at this time of year since 2004. Warm waters in the gulf are fertile grounds for spawning hurricanes.
Have a great weekend!
Mike Etienne
Friday, May 28, 2010
Wednesday, May 26, 2010
Wednesday May 26, 2010
Fact of the day: In Illinois there are 233 people per square mile (Thanks to Chicago).
Today was a productive day and the market was able to make back most of what was lost yesterday. Nearby corn was up 7 cents and closed at $3.71. Nearby beans finished up 7 cents at $9.38.
Across the board corn finished the day 7-8 cents in the green. December 2010 closed at $3.90 and July 2011 corn closed at $4.19. Higher futures can be contributed to the supportive outside markets today. Crude oil futures rose 4%, Gold topped $1,200, and the US dollar was up as well. Seems like everything keeps boiling down to the Chinese. The outside markets today were friendly with talk again of China possibly buying more corn. It appears that whenever we hear friendly news, the market has responded positively. Soybeans have rose from a 10 week low on the strengthening demand from China. China is expected to finish the year (October 1) importing around 46 million tons of soybean supplies. That number is expected to increase to 49 million tons from all suppliers next year.
River basis has been firming for the past few weeks. May to July corn basis levels have all strengthened to better than -10 cents. May to July beans are bidding 2-4 cents over the board. The Morris Terminal is busy unloading trucks and loading barges. Stop in the office sometime and be sure to take a look at new floral additions. We have been seeing some scattered rains throughout Illinois. None of the rain has played a major role on the river and barges have still be able to navigate the river without issues.
Another interesting bit of info I found today is that scientists have identified 4 new strains of wheat-killing fungus. These new strains '...could endanger the global wheat supply.' Now I have no idea how big of a threat this actually is. These may be the same scientists in the 1970's that predicted we were all going to die by 2000 if women continued to use hairspray. Regardless, I thought it was interesting.
Stay classy Illinois,
Nathaniel Dubravec
Today was a productive day and the market was able to make back most of what was lost yesterday. Nearby corn was up 7 cents and closed at $3.71. Nearby beans finished up 7 cents at $9.38.
Across the board corn finished the day 7-8 cents in the green. December 2010 closed at $3.90 and July 2011 corn closed at $4.19. Higher futures can be contributed to the supportive outside markets today. Crude oil futures rose 4%, Gold topped $1,200, and the US dollar was up as well. Seems like everything keeps boiling down to the Chinese. The outside markets today were friendly with talk again of China possibly buying more corn. It appears that whenever we hear friendly news, the market has responded positively. Soybeans have rose from a 10 week low on the strengthening demand from China. China is expected to finish the year (October 1) importing around 46 million tons of soybean supplies. That number is expected to increase to 49 million tons from all suppliers next year.
River basis has been firming for the past few weeks. May to July corn basis levels have all strengthened to better than -10 cents. May to July beans are bidding 2-4 cents over the board. The Morris Terminal is busy unloading trucks and loading barges. Stop in the office sometime and be sure to take a look at new floral additions. We have been seeing some scattered rains throughout Illinois. None of the rain has played a major role on the river and barges have still be able to navigate the river without issues.
Another interesting bit of info I found today is that scientists have identified 4 new strains of wheat-killing fungus. These new strains '...could endanger the global wheat supply.' Now I have no idea how big of a threat this actually is. These may be the same scientists in the 1970's that predicted we were all going to die by 2000 if women continued to use hairspray. Regardless, I thought it was interesting.
Stay classy Illinois,
Nathaniel Dubravec
Tuesday, May 25, 2010
Tuesday May 25th, 2010
Good weather and rapidly improving crop conditions coupled with failing world financial markets contributed to corn being down 6.75 cents, Soybeans down 10, and wheat down 7 today. Crude Oil was down more than $2/barrel today and the Dow was off over 200 pts. At the time of this writing (3:40), crude is down only $.85 while the Dow has bounced back to only down 20 pts! I wanted to shed a little light on how commodities, US dollar, and stock index has performed so far in the month of May.
April 30 Today %Change
US $ Index 81.99 87.25 6.4%
Gold 1168 1191 2.0%
Cattle 94.22 90.11 -4.3%
Hogs 86.32 81.05 -6.2%
Corn 3.75 3.65 -2.7%
Soybeans 9.99 9.30 -6.9%
Wheat 5.03 4.63 -8.0%
Crude Oil 88.36 67.87 -23.2%
S&P 500 1183 1045 -11.7%
As you can see it has been a great month for the US dollar as all of the European financial problems have at least lent some credibility to our currency. Gold has also done well in great times of uncertainty as a safe heave if you will for money. The commodity sector other than Gold has had a rough go of it and further strength of the US Dollar could lead to lower prices down the road with all other fundamentals remaining equal.
Scott Meyer
April 30 Today %Change
US $ Index 81.99 87.25 6.4%
Gold 1168 1191 2.0%
Cattle 94.22 90.11 -4.3%
Hogs 86.32 81.05 -6.2%
Corn 3.75 3.65 -2.7%
Soybeans 9.99 9.30 -6.9%
Wheat 5.03 4.63 -8.0%
Crude Oil 88.36 67.87 -23.2%
S&P 500 1183 1045 -11.7%
As you can see it has been a great month for the US dollar as all of the European financial problems have at least lent some credibility to our currency. Gold has also done well in great times of uncertainty as a safe heave if you will for money. The commodity sector other than Gold has had a rough go of it and further strength of the US Dollar could lead to lower prices down the road with all other fundamentals remaining equal.
Scott Meyer
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