18750 Hwy. 71 S. PO Box 108 Blomkest, MN 56216
Phone: 320-995-6119
Fax: 320-995-6110
Update
FREE PRICE LATER
Allied Grain is offering free storage on PL contracts. Under the program there will be no fee to store corn thru August 31, 2012. This program is subject to change at any time.
Grant Christianson, President
Loren Refsland, Chief of Operations
Loren Swenson, Grain Merchandiser
Todd Stanghelle, Office Manager
Mary Schemel, Bookkeeper
CORN: Corn is called lower to start after trading higher early in the session (started sliding when London market open). The Greek financial deal went through but w/ European markets higher yesterday, today's session is a buy the rumor, sell the fact trade. Trade is now focused on the upcoming USDA Outlook conference this Thurs/Friday with trade looking for big increase in corn acres and ending stocks with a return to trend line yields. The poor ethanol margins has more plants making announcements of cuts with GRPE (Green Plains) saying last week it was justing production by 30% at 2 of its 9 plants. So in the last 2 weeks there has been announced slow downs of about 100 mln gal of capacity. Export news is quiet to start. Farmer selling is slowing on old crop sales and likely to slow as we get closer to spring field work (chatter that southern MO and IL could see some field work in the next 30 days.) Look for choppy 2 side trade with support in May corn toward $6.30- 6.35.
SOY-COMPLEX: Calls are called steady to slightly better to start with soyoil seeing support in the energy markets. Chinese bean futures were higher overnight. CNGOIC reports that Sinograin has stockpiled 1.5 mmt of soybeans as of end of January. The market ignored that Argentina saw 1-3 inches of rain over the long weekend and instead focused on some private estimates lowering Brazilian production estimates to 68 mmt. Brazil's TGG terminal in Santos started loading over the weekend but just from 2 of its 4 terminals. Here in the US Gulf, a multinational loading terminal suffered structural failure and could be out 2-4 weeks. Interior US bean basis at the processors has a softer tone for now on recent movement from the country (farmer was good seller of $12.00 cash beans). Concern about too many acres switching over to corn in US along with production estimates inching lower in S. America keeps support in soybeans for now.
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