Daily Grain Comments

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