Note: **All facilities will be closed on Monday, July 5, 2010 in observance of Independence Day.
*Corn Products in Chicago will be open at 5 AM Tuesday, July 6, 2010.
*Elburn Coop in Morris will be open for corn, soybeans and wheat on Tuesday, July 6, 2010.
*Elburn Coop in Ottawa will be open for corn on Tuesday, July 6, 2010.
In today’s trading, corn futures were down while soybean and wheat futures were generally higher. September corn finished down ¾ for the day and up 23 for the week. Bullishness from Wednesday’s acreage report that rallied corn prices the last two days couldn’t carry into Friday’s pre-holiday trade. August soybeans closed up 7 ½ today and up 3 ½ for the week. New crop Nov beans were up a ¼ today but, down 6 for the week. September Chicago wheat futures were 3 ¼ higher today and up 32 for the week. Wheat fundamentals are little changed but, fund buying is dictating that market. Export sales out yesterday were generally as expected but, yet disappointing. Corn sales failed to reach the million ton mark for the first time in several weeks and new sales to China were absent in this week’s report. China was an active buyer of both old and new crop soybeans. New sales of soybean oil to China were announced yesterday by the USDA’s daily reporting system. In outside markets, stocks finished a dismal week with the Dow and S&P 500 down again today. The Dow and S&P 500 indices were down every day this week. Crude oil futures were down $0.81 per barrel.
National average on highway diesel fuel prices were 0.5 cents lower in this week’s report. Crude oil prices declined today but, finished in the lower 70’s per barrel which probably won’t provide much direction for fuel prices. Crude stocks declined slightly this week while distillate and gasoline stocks were up.
Have a great weekend!
Mike Etienne
Friday, July 2, 2010
Wednesday, June 30, 2010
Wednesday June 30, 2010
Factoid of the day: In 1778 Gen. George Washington marked July 4 with a double ration or rum for his soldiers and an artillery salute.
Good afternoon bloggers! Today was a great day for the market. Immediately after opening corn shot up to +30 cents and floated around that most of the day. Nearby corn closed +29 cents at $3.63. Fall corn closed +29 cents at $3.74. Though corn was able to jump 30 cents and hold it, soybeans were unable to hold on to its early bounce into positive ground. Nearby beans hit $9.54 early in the day, but closed down half a penny at $9.31. Fall beans didn't perform any better and closed at $9.02 down -7 cents. Nearby wheat was up +23 cents and closed at $4.80.
Today's USDA report took everyone by surprise. I think the only people that tell you otherwise are telling the yarn of a century. The bullish report today was exactly what we needed to see after a 7 straight negative trading sessions and after hitting an 8-month low. The knee jerk reaction was very friendly and showed that the market desperately needed corn. Soybean stocks(571mil. bu.) were 21 million bushels lower than last report (592mil. bu.)and is the smallest since 2004. Though soybeans stocks were down, soybean acreage was up 600K acres. This could explain why new crop beans were down for a good portion of the day, but nearby beans slowly bled the cents it gained early.
Corn had both bullish stock and acreage numbers. Corn was down 303 million bushels since the last report and was down 1.4 million acres since the last report as well. This is one of the reasons corn was expected to open, stay, and close at +20 to 30 cents. Hopefully the upward momentum will carry over into tonight and tomorrow for corn and the other commodities. It would be nice to see beans perform well tomorrow, but only time will tell.
I hope you all have a fun and safe Fourth of July weekend!
Don't tread on me,
Nathaniel Dubravec
Good afternoon bloggers! Today was a great day for the market. Immediately after opening corn shot up to +30 cents and floated around that most of the day. Nearby corn closed +29 cents at $3.63. Fall corn closed +29 cents at $3.74. Though corn was able to jump 30 cents and hold it, soybeans were unable to hold on to its early bounce into positive ground. Nearby beans hit $9.54 early in the day, but closed down half a penny at $9.31. Fall beans didn't perform any better and closed at $9.02 down -7 cents. Nearby wheat was up +23 cents and closed at $4.80.
Today's USDA report took everyone by surprise. I think the only people that tell you otherwise are telling the yarn of a century. The bullish report today was exactly what we needed to see after a 7 straight negative trading sessions and after hitting an 8-month low. The knee jerk reaction was very friendly and showed that the market desperately needed corn. Soybean stocks(571mil. bu.) were 21 million bushels lower than last report (592mil. bu.)and is the smallest since 2004. Though soybeans stocks were down, soybean acreage was up 600K acres. This could explain why new crop beans were down for a good portion of the day, but nearby beans slowly bled the cents it gained early.
Corn had both bullish stock and acreage numbers. Corn was down 303 million bushels since the last report and was down 1.4 million acres since the last report as well. This is one of the reasons corn was expected to open, stay, and close at +20 to 30 cents. Hopefully the upward momentum will carry over into tonight and tomorrow for corn and the other commodities. It would be nice to see beans perform well tomorrow, but only time will tell.
I hope you all have a fun and safe Fourth of July weekend!
Don't tread on me,
Nathaniel Dubravec
Wednesday June 30, 2010
Good morning! The USDA report is bullish and looking good. Corn acreage is amazingly lower than what was originally expected. Corn acres were expected to be around 89.3 million acres. USDA reported the acres at 87.9 million acres. Though corn acres were down, bean acres were over 500K higher than expected. Corn acres were down and bean acres were up.
Corn and bean stocks were very bullish. Reports show that we have less corn and beans than expected. Corn stocks were expected to be at 4.6 billion bushels. USDA report has that pegged at 4.3 billion bushels. Beans were expected to be at 592 million bushels. USDA report has that pegged at 571 million bushels. Very bullish. Both corn and beans are called higher this morning.
ACRES
USDA Wednesday Expected
Corn 87.872 Million 89.302
Beans 78.868 78.292
US STOCKS
USDA Wednesday Expected
Corn 4.310 Billion 4.613
Beans 0.571 0.592
Wheat 0.973 0.938
Today's numbers definitely took everyone by surprise. It's going to be very interesting how the market responds to these bullish figures. Have a great day!
Nathaniel Dubravec
Corn and bean stocks were very bullish. Reports show that we have less corn and beans than expected. Corn stocks were expected to be at 4.6 billion bushels. USDA report has that pegged at 4.3 billion bushels. Beans were expected to be at 592 million bushels. USDA report has that pegged at 571 million bushels. Very bullish. Both corn and beans are called higher this morning.
ACRES
USDA Wednesday Expected
Corn 87.872 Million 89.302
Beans 78.868 78.292
US STOCKS
USDA Wednesday Expected
Corn 4.310 Billion 4.613
Beans 0.571 0.592
Wheat 0.973 0.938
Today's numbers definitely took everyone by surprise. It's going to be very interesting how the market responds to these bullish figures. Have a great day!
Nathaniel Dubravec
Tuesday, June 29, 2010
Tuesday June 29, 2010
Good afternoon friends! Today the name of the game was a stronger US dollar and weak outside markets. This proved to be an uphill battle for commodities. Corn, beans, and wheat all posted loses in anticipation for Wednesday's USDA report. Corn closed -7 to -9 today. Fall corn finished the day at $3.44. Beans closed -6 to -9 as well. Fall beans are at $9.12. Beans gave an honest effort around mid-day today, but eventually any upward momentum eventually dissipated. 'Turnaround Tuesday' did not hold up to its expectations. Hopefully we can get a 'Worthwhile Wednesday' following the report and regain some of what was lost today.
Fresh news before the market opened this morning was that China purchased 230K tons of beans for 2010/11. China's quarantine authority has allowed use for the first cargo of USA GMO corn in 4 years for feed production. Cargill also sold 55K tons of corn to South Korea. Weather forecasts continue to look great overall for the Corn Belt. This has allowed for a sub-par weather premium and a few cents to erode from the market. Crop conditions are still looking good overall for Illinois even with the amount of rain we have been getting. Some producers are dealing with water and some wind damage from last week's storms that raced across most of Illinois.
Expectations for tomorrow's USDA report have this years corn plantings at 89.2 million acres. This figure is half a million acres great from the March USDA Planting Intentions Report (PIR). Bean plantings are estimated to be around 78.1 million acres. That is nearly 100K acres more since the March USDA PIR.
The Gulf is bidding firmer today for June and July corn to try and shake some bushels loose. Producer movement and sell off has been slow because of the market deteriorating the past week. The Illinois River water levels have dropped a few feet since last week and has not halted loading this week. It appears that the next few days of dry sunny weather will only encourage water levels to drop even further to a somewhat normal level.
Stay classy Illinois,
Nathaniel Dubravec
Fresh news before the market opened this morning was that China purchased 230K tons of beans for 2010/11. China's quarantine authority has allowed use for the first cargo of USA GMO corn in 4 years for feed production. Cargill also sold 55K tons of corn to South Korea. Weather forecasts continue to look great overall for the Corn Belt. This has allowed for a sub-par weather premium and a few cents to erode from the market. Crop conditions are still looking good overall for Illinois even with the amount of rain we have been getting. Some producers are dealing with water and some wind damage from last week's storms that raced across most of Illinois.
Expectations for tomorrow's USDA report have this years corn plantings at 89.2 million acres. This figure is half a million acres great from the March USDA Planting Intentions Report (PIR). Bean plantings are estimated to be around 78.1 million acres. That is nearly 100K acres more since the March USDA PIR.
The Gulf is bidding firmer today for June and July corn to try and shake some bushels loose. Producer movement and sell off has been slow because of the market deteriorating the past week. The Illinois River water levels have dropped a few feet since last week and has not halted loading this week. It appears that the next few days of dry sunny weather will only encourage water levels to drop even further to a somewhat normal level.
Stay classy Illinois,
Nathaniel Dubravec
Monday, June 28, 2010
Monday June 28th, 2010
Corn futures fell for the sixth straight day Monday, ending at its lowest price since October as favorable weather forecasts fuel talk of a record crop. Nearby July corn ended down 6 3/4 cents to $3.33 3/4 bushel. The market broke below the previous bear-market low of $3.35, maintaining the bearish technical momentum that has driven the market in its current slump. The key bearish factor, were weather forecasts calling for dry weather across the U.S. corn belt this week. That is exactly what farmers need at the end of a June that dumped excessive rains in many areas. Along with the dry weather, moderate temperatures are expected, which eases any concern traders might have about a heat wave stressing the crop during its pollination period, which typically kicks into gear in July. Pollination is a crucial period during the crop's reproductive cycle that establishes its yield potential.
After a fast start to the growing season, more traders are now talking about yields exceeding last year's record of 164.7 bushels per acre. The U.S.D.A. recently projected a national yield of 163.5 bushels per acre. The current perception in Chicago is that all is well, and that a 170-bushel crop is all but in the bin.
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