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In Feb. 2005, Okawville Farmers Elevator & Trenton Co-op consolidated their
operations to create TOP AG Cooperative, with the goal to provide our customers
the best possible products and services available.
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Market Commentary by TopAg.net:
(Daily Grain Prices Below)
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Date:
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7-02-09
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Headline:
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Closing Grain Comments
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Comments:
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A benign 7-day weather forecast & a disappointing June employment report spirited grain futures lower ahead of the 3-day Independence Day weekend. This morning's Labor Dept report that another 467,000 non-farm jobs were lost in June & that the US unemployment rate hit a 26-year high of 9.5% pressured crude oil nearly $3/barrel lower & New York equities to steep losses on worries that consumer demand would remain strapped for quite some time. A strong USDA weekly export sales report & announcements of solid daily export sales served to only slow today's grain price descent. Sept corn futures sagged to a bottom-range 10.75c loss. August soybeans posted a 39.5c trading range to settle with a mid-range 6.5c loss. Sept CBOT wheat saw late-session, pre-weekend hedge pressure that pushed it to a low-range 6.5c decline.
USDA's shockingly bearish acreage report was the catalyst that sent nearby corn charts 38.5c lower this holiday-shortened trading week. Nearby CBOT wheat futures succumbed to USDA's higher acreage estimate, harvest pressure, & a sluggish start to the export season to tumble 34c versus last Friday. Propelled by continued old-crop bean sales to China & unexpectedly modest planting intentions, nearby soybean futures surged 42c higher for the week.
Last week's export sales of corn (45.473 mb of old- & 4.606 mb of new-crop vs 19.7-35.4 mb expected), soybeans (7.106 mb of old- & 9.19 mb of new-crop vs 3.7-15.6 mb), & soyoil (69,500 mt of old- & 1,200 mt of new-crop vs 0-60,000 mt) were well-above trade guesses. Soymeal sales (22,900 mt of old- cancelled & 303,800 mt of new-crop sold vs 75,000-300,000 mt) nearly topped guesses. Wheat sales (8.888 mb--including just 1.165 mb of soft red winter wheat--vs 7.3-14.7 mb) were at the low-end of very modest expectations. Four weeks into the 2009-10 marketing season, cumulative wheat export sales are the slowest since 2001. The strong weekly export sales & overnight wheat sales to Taiwan (3.026 mb) & Japan (3.196 mb) & USDA's morning announcement that exporters had sold of 6 mb of new-crop corn to unknown destinations & a 24.25 mb of new-crop soybeans to China probably stemmed even further losses today.
Mid-day weather maps forecast .50-1.50" rains into the weekend from the Missouri River Valley into dry areas of the South & .35" or less elsewhere in the Midwest. When coupled with cool- to normal temps during the next week, the 7-day weather maps argued corn & soybean would see little stress--keeping grains pressured into today's close. With wheat harvest now completed, most clients tell me they would appreciate a slow rain to help soybeans get better established & keep late-planted corn growing.
Locally, corn basis was a penny better, wheat basis was fractionally lower, & bean basis tumbled 11c today as Gulf bean buyers stepped away from the market. Compared to last Friday, nearby cash corn & wheat each collapsed 44c lower & spot beans jumped 28c higher.
Top Ag elevators will be closed in celebration of Independence Day on Friday. Normal summer hours will resume starting on July 6th: Monday-Friday, 8:00 am to 4:30 pm. We wish you & your family a happy holiday. Why not grill some extra burgers & pork steaks this weekend to create more demand for meat & grain usage?
"Closing Comments" are written by David Marshall, Toay Commodities Futures Group LLC, Nashville, IL. To learn more about his services, contact him at dmarshall@tcfg-llc.com or call (618) 327-4370 (voice/fax) or (618) 314-0918 (cell). This commentary is not intended for specific trading strategies. We strive to insure this information is reliable, but we cannot guarantee its accuracy or completeness. Commodity trading involves risks. You should fully understand those risks before trading.
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Your Daily Grain Prices for : 7/2/09
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Commodity/Location
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Cash Price
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New Crop
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Jan. '10
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| Wheat: |
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Addieville
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$ 3.78
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$ X.xx
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$ 4.45
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Mascoutah
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same as above
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same as above
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same as above
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Okawville
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same as above
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same as above
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same as above
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Pierron
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same as above
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same as above
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same as above
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St. Libory
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same as above
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same as above
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same as above
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Trenton
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same as above
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same as above
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same as above
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| Corn: |
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Addieville
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$ 3.33
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$ 3.11
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$ 3.39
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Okawville
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same as above
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same as above
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same as above
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Pierron
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same as above
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same as above
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same as above
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St Libory
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same as above
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same as above
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same as above
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Trenton
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same as above
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same as above
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same as above
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| Soybeans: |
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Addieville
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$ 12.29
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$ 9.73
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$ 9.79
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Okawville
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same as above
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same as above
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same as above
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Pierron
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same as above
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same as above
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same as above
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St. Libory
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same as above
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same as above
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same as above
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Trenton
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same as above
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same as above
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same as above
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PRICES ARE SUBJECT TO CHANGE WITHOUT NOTICE. PLEASE CONTACT SCOTT, MIKE or SETH FOR PRICE QUOTES FOR DIRECT DELIVERY TO RIVER TERMINALS or PICKED UP AT YOUR BIN or FIELD. CALL US WITH YOUR PRICING OFFERS!!!!
Have a safe and happy Fouth of July!!
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Weather by TopAg.net:
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