Friday April 16, 2010

Good afternoon bloggers!

Today the market finished up on corn, beans, and wheat. Corn finished up +1 cent @ $3.64. Bean finished +1 cent @ $9.85. Wheat finished up +10 cents at $4.90.

Corn opened the day down which had everyone on the edge of their seats. But corn was able to pull though and finish the day on a modest gain. July corn finished +16 cents for this week. Planting progress is 15% complete this season which is ahead of the national average. Looks like everyone is anxious to get planted early this time around. The situation brewing in China has people turning heads. Sources are saying that 'China is to sell another 1.4mmt of corn...the highest price going for about $7.47 per bushel.

Beans were up today as well. Sources are also saying that our friends in South America are planning another strike because they want lower export taxes on beans. Hopefully strike #2 will boost Uncle Sam's bean prices even higher next week. We will see if that plays a role.

It will be interesting to see what the market has in store for us this upcoming week. Farmers are going 'balls to the wall' to get planted, South America is working out some troubles, and the Corn Belts next big rain will not be until NEXT weekend. With a variety of other factors playing a role in the price of commodities, it will be very interesting to see how the market will react this coming week.

I've been questioned quite a bit about the volcano in Iceland today. I have not been hearing too much news in regards to the volcano situation other than what's on the local news. The ash is grounding aircraft and poses some air quality issues, but in terms of commodities I have not been hearing much news.

I hope you all enjoy the weather and have a pleasant weekend.

Stay classy Illinois,
Nathaniel Dubravec