Daily Grain Comments

Note: Corn Products in Chicago will close at midnight Friday, May 21, 2010 and remain closed on Monday. They will re-open 5AM Tuesday, May 25, 2010.

Elburn Coop in Morris will be open for corn and soybeans on Monday , May 24, 2010
Elburn Coop in Ottawa will be open for corn on Monday, May 24, 2010.


In today’s trading, grain and soybean futures were mixed. Corn rebounded along with equity markets after a tumultuous week. USDA announced more export corn sales to China this morning. Export sales continue to be good but, actual shipments are lagging. Remains to be seen if we can increase the shipment pace enough this summer to make USDA’s goal for exports. Soybeans were weaker on fund selling along with lower crude oil. Soybeans were also pressured by a dryer, warmer weather forecast which is friendly for fieldwork and planting the remainder of soybeans. Rain showers continue to pop up today throughout Illinois and east. July corn finished up 7 cents to put it up 6 for the week. July soybeans closed down 3 today and down 12 ½ for the week. It should be noted that May soybean basis at our Morris river terminal has improved 14 cents since last Friday. Posted tonight at -.07 SN. July Chicago wheat futures finished 2 ¼ higher for the day to eek out a ½ cent gain for the week.

National average on highway diesel fuel prices dropped 3.3 cents in this weeks report ending a 7 week up streak. As Zach alluded to last night crude has continued to crash since this report so would expect this average to continue to drop. Stocks of distillates and crude oil remain historically high.

Have a great weekend!
Mike Etienne