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  • bluecheese4u bluecheese4u May 18, 2013 1:33 AM Flag

    Corn Rallies as Tightening U.S. Inventories Seen; Soybeans Gain

    Corn Rallies as Tightening U.S. Inventories Seen; Soybeans Gain

    Tony C. Dreibus - May 17, 2013 1:20 PM MT

    Corn jumped for the first time in four days on signs that buyers will compete for tightening inventories in the U.S., the world’s largest grower, before farmers harvest a record crop in September. Soybeans also rose.

    Stockpiles will total 19.29 million metric tons in the year that ends Aug. 31, down 23 percent from a year earlier, after the worst U.S. drought since the 1930s cut output last year by 13 percent, U.S. Department of Agriculture data show. Global reserves will fall 5.1 percent, the USDA said May 10. Corn for delivery in July, before the harvest, is trading at the widest premium to December futures in seven weeks.

    “We’re coming off a short crop, so supplies are tight,” Joseph Vaclavik, the president of Standard Grain Inc. in Chicago, said in a telephone interview. “It seems like old-crop futures will just not be taken down.”

    Corn futures for July delivery rose 1.8 percent to close at $6.5275 a bushel at 1:15 p.m. on the Chicago Board of Trade, marking a weekly gain of 2.6 percent. The contract for December delivery fell 0.9 percent to $5.195, widening the spread with July futures to $1.3325, the most since March 28.

    Production in the U.S. is forecast by the USDA to rebound this year, with farmers expected to collect 359.2 million tons, a jump of 31 percent. The increase will more than double domestic stockpiles before the 2014 harvest to 50.91 million tons.

    Soybean futures for July delivery gained 1.5 percent to $14.485 a bushel. Prices rose 3.5 percent this week, the third straight gain. That’s the longest rally since February.


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    • Corn does one thing for the public, makes groceries go higher. With one gallon of regular gas I will go 10% + more miles than anyone with ethanol. Ethanol should be 10% - 12% less at the pump for the user to break even. It is a game the government & farmers are playing to get 6.00 per bushel for corn in place of 3.00 if the government would stay out. It causes more pollution by using more.
      Most small engines will have trouble after 1-3 tanks, pour it out get regular gas you won't need a repair man.

    • Sam Nelson, Reuters | Updated: 05/17/2013

      Less-than-ideal yet drier weather this week allowed U.S. farmers to begin catching up their corn planting pace that had fallen to a record low when the week began, an agricultural meteorologist said on Friday.

      "They probably got quite a lot done," said Andy Karst, meteorologist for World Weather Inc. "There were only scattered showers this week, so many were able to work between showers."

      Karst said scattered and light showers would continue Friday into the weekend, with heavier rainfall expected early next week, especially in the northern Midwest.

      "Showers will continue next week, but they'll be light, and the last week of May should be fairly dry, so there will be good progress made," he said.

      The improved crop planting weather this week allowed farmers in the fields, and very rapid progress is expected to have been made. Some observers are expecting seedings to be half or 60 percent complete by the end of this week, but still at a record slow pace.

      "I'm adding 29 percent to my corn planting pace number, so that gets it up to 57 percent by this coming Monday," said analyst Mike Zuzolo of Global Commodity Analytics.

      As of Sunday, farmers had seeded 28 percent of their intended corn acres, up from 12 percent a week earlier but far behind the five-year average of 65 percent, the U.S. Department of Agriculture said in a weekly report on Monday.

      The planting pace for corn was the slowest for this point in the year in USDA records dating back to the 1980s, lagging 1984, when farmers had seeded 29 percent of their corn.

      The figure fell below the average estimate of 29 percent from analysts' surveyed by Reuters ahead of the report.

      For soybeans, the USDA said planting was 6 percent complete, up from 2 percent a week earlier. But the pace was the slowest for the 19th week since 1984, when soybeans were only


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