Results 1 to 4 of 4
  1. #1
    Speechless
    Points: 391,266, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 76.0%
    Achievements:
    SocialOverdriveVeteran50000 Experience Points
    Wesley's Avatar
    Join Date
    Apr 2006
    Location
    Omaha
    Posts
    57,092
    Points
    391,266
    Level
    100
    Thumbs Up
    Received: 311
    Given: 257

    Corn Ethanol Up Now

    Bloomberg.com: News
    Corn Jumps to Record on U.S. Midwest Rain, Crude Oil, Dollar

    By Jae Hur and Marianne Stigset



    June 9 (Bloomberg) -- Corn jumped to a record on speculation rain in the U.S. Midwest will cut supply and as rising oil costs and the dollar's decline boosted demand for a hedge against inflation. Soybeans, wheat and rice also gained.
    Thunderstorms affected areas from the central Plains to the Midwest yesterday, bringing more than four inches (10 centimeters) of rain to parts of Iowa, Massachusetts-based Meteorlogix LLC said in a report. Further storms are forecast for the next five days. Corn and soybeans planted in wet, cool soils develop shallow roots, increasing the threat of damage from dry weather in July and August.
    ``With concerns about weather-related production losses, surging oil prices and the weaker dollar have fueled speculative demand for agricultural products that are fundamentally strong because of tight supplies,'' Daisuke Yamaguchi, an analyst at futures broker Yutaka Shoji Co. in Tokyo, said today.
    Corn for July delivery rose as much as 22.25 cents, or 3.4 percent, to $6.73 in after-hours trading on the Chicago Board of Trade and stood at $6.675 as of 11:59 a.m. London time. The contract gained 8.6 percent last week, the biggest gain in 10 weeks. New-crop December corn traded as high as $6.985 a bushel.
    Prices for the cereal have gained 69 percent in a year, fueled by growing demand for grain-fed meat in Asia, market speculation and the push to grow corn for ethanol. Wheat, soybeans and palm oil also reached records this year, sparking food riots from Haiti to Ivory Coast.
    United Nations Secretary-General Ban Ki-moon last week said the world needed to invest as much as $20 billion a year on agriculture to tackle soaring food prices.
    Soybeans Advance
    Soybeans for July delivery added as much as 32 cents, or 2.2 percent, to $14.895 a bushel, and last traded at $14.7825. The price rose 6.9 percent last week, the most since June 2005. Soybeans, which reached a record $15.865 on March 3, are up 22 percent this year, for a fourth consecutive annual gain.
    About 74 percent of U.S. corn seeds had emerged in the top 18 producing states, down from 92 percent a year earlier and the previous five-year average of 89 percent, the U.S. Department of Agriculture said in a report June 2. The USDA will update its weekly crop condition ratings later today.
    Soybeans were 69 percent planted as of June 1, compared with 52 percent a week earlier and the five-year average of 81 percent, the USDA said. About 32 percent of the crop had emerged from the ground, compared with 64 percent a year earlier.
    More than 4 million acres remained to be planted with corn and 23 million acres awaited soybean seeds on June 1, the USDA said last week. Corn and soybeans planted in wet, cool soils develop shallow roots, increasing the threat of damage from hot, dry weather in July and August.
    Corn Production
    Worldwide corn output in the year starting Oct. 1 may fall 0.3 percent to 777.6 million metric tons, the USDA said May 9. That estimate may be reduced in a report to be released June 10.
    The dollar fell as much as 1 percent on June 6 against the euro and crude oil rose 8.4 percent in New York, the largest percentage increase since June 1996. It reached a record $139.12 a barrel. The Reuters/Jefferies CRB Index jumped 3.6 percent, the most since September 2005.
    Wheat for July delivery rose 17.25 cents, or 2.1 percent, to $8.2825 a bushel. Wheat climbed 6.5 percent last week, the most since the week ended March 14, partly on speculation adverse weather may damage the crop in Kansas. Futures reached a record $13.495 on Feb. 27.
    Global wheat production in the year that started June 1 is expected to rise 8.2 percent to 656 million tons from a year earlier, the USDA said last month. World stockpiles at the end of the year may increase 13 percent to 124 million tons, government data show.
    Milling Wheat
    Milling wheat for November delivery on the Euronext.liffe exchange in Paris climbed 7.50 euros, or 4 percent, to 197.50 euros ($312) a ton as of 1:14 p.m. local time.
    Rice for July delivery added 37 cents, or 1.9 percent, to $20.33 per 100 pounds in Chicago. Rice is up 88 percent from a year earlier, reaching a record $25.07 on April 24, after some exporters curbed exports to ensure local supplies.
    CME Group, the parent of CBOT, on June 6 said the margin requirement for investors in corn futures will increase by 25 percent. Speculative investors will need a minimum of $1,688 per contract in their accounts initially, up from $1,350.
    To contact the reporters on this story: Jae Hur in Singapore at jhur1@bloomberg.net; Marianne Stigset in Oslo at mstigset@bloomberg.net


    CFH HMagic bball season next year.
    Let my Fred's Four Horsemen ride: Georges, Hogue, Nader, and McKay.

  2. #2
    Starter
    Points: 16,737, Level: 39
    Level completed: 36%, Points required for next Level: 513
    Overall activity: 1.0%
    Achievements:
    SocialVeteran10000 Experience Points
    heyguy85's Avatar
    Join Date
    Nov 2007
    Location
    Iowa
    Posts
    880
    Points
    16,737
    Level
    39
    Thumbs Up
    Received: 13
    Given: 22

    Re: Corn Ethanol Up Now

    Prices will climb higher for everything we purchase starting this fall due to demand of corn. It won't be pretty.



  3. #3
    Pro
    Points: 30,396, Level: 53
    Level completed: 59%, Points required for next Level: 454
    Overall activity: 0%
    Achievements:
    Veteran25000 Experience Points
    price26's Avatar
    Join Date
    Sep 2006
    Location
    Ames, IA
    Posts
    2,026
    Points
    30,396
    Level
    53
    Thumbs Up
    Received: 0
    Given: 0

    Re: Corn Ethanol Up Now

    Quote Originally Posted by heyguy85 View Post
    Prices will climb higher for everything we purchase starting this fall due to demand of corn. It won't be pretty.
    No it won't. It will be rising oil prices that cause prices to climb higher more than it will corn.



  4. #4
    Addict
    Points: 86,458, Level: 91
    Level completed: 48%, Points required for next Level: 992
    Overall activity: 11.0%
    Achievements:
    SocialVeteran50000 Experience Points

    Join Date
    Apr 2006
    Location
    Hudson, Iowa
    Posts
    8,091
    Points
    86,458
    Level
    91
    Thumbs Up
    Received: 36
    Given: 44

    Re: Corn Ethanol Up Now

    I'm in the heart of the problem area in North East Iowa, but I'd say generally most of the corn got planted in a good planting window. Yes all the river bottoms have flooded out and the season started out very cool, but ample time yet for a good crop.

    On the other hand a lot of farmers I work with have not planted soybeans yet. While more forgiving we're going to start loosing yield soon.

    We always loose the crops 2 or 3 times before harvest according to traders and this article looks like one of those guys talking.



Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
  • Football
  • Iowa State vs. North Dakota State
  • August 30, 2014
  • 11:00 AM