Daily Grain Comments

Note: Corn Products in Chicago will be open at 5 AM MONDAY June 28, 2010.
Elburn Coop in Morris will be open for corn and soybeans on Monday, June 28, 2010.
Elburn Coop in Ottawa will be open for corn on Monday, June 28, 2010.

Export sales for corn were again strong this week surpassing 1 million metric tons for the 3rd week in a row. Soybeans were as expected. Quarterly Hogs and Pigs Report today showed a 4% decrease in inventory compared to last year at this time. Lower than expected. Some have said this supports the theory that USDA’s feed use number for corn may have to be adjusted down. Corn and wheat were pressured today on a lack of threatening weather on the horizon. Ironically beans were supported by excessively wet conditions in parts of the Midwest and dry conditions in the south. 5 million acres of soybeans are estimated to still be unplanted. Rumors of old crop soybean sales to China were also supportive.

In today’s trading, corn and wheat futures were down while soybean futures traded slightly higher. July corn finished a lackluster week down 4 ¼ today and down 20 ½ for the week. July soybeans closed up 1 ½ today but, down 4 for the week. July Chicago wheat futures were 6 ¾ lower on the day to finish the week down 5 1/2 . Outside markets for equities and crude oil were slightly higher today. Crude oil was up $2 per barrel earlier but, leveled off at the end.

National average on highway diesel fuel prices rose 3.3 cents in this week’s report ending a 5 week string of lower results. Crude oil prices jumped today and have been staying in the mid to upper 70’s in recent weeks which could cause fuel prices to inch up. Crude and distillate stocks rose slightly this week while gasoline stocks fell slightly similar to last week.

Have a great weekend!
Mike Etienne