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St. Louis Post-Dispatch

Lee Enterprises

Tuesday, March 27, 2007 10:04 PM CDT
December 2007 corn futures float back to Earth

By JOE GRANT

December 2007 Corn Futures
Export inspections for the March 15 report equaled 40.810 million bushels. One year ago the total equaled 46.564 million bushels for the same reporting period. Cumulative totals added up to 1.163147 billion bushels for the current marketing year.

The previous marketing year showed 1.009451 billion bushels for the same report period.

December 2007 corn futures floated back to Earth after speculative traders pulled prices back into the reach of gravity. New crop corn made a high of $4.11½ on March 21. That forced cash prices to trade at or near the $3.80 price level. Keep in mind that the USDA Planting Intentions report is due to be published on Friday.

It is likely there will be some large planted acres numbers for corn due to the push to obtain corn for ethanol. Last year U.S. farmers planted 78.3 million acres to corn and averaged 149.1 nationally on a per acre basis. Roughly 8.3 million acres were utilized for silage instead of feed grain a year ago.

November 2007 Soybean Futures
Export inspections for soybeans equaled 21.184 million bushels for the March 15 report. One year ago the same report period added up to 18.955 million bushels. The cumulative exports to date were 821.141 million bushels checked for shipment. The total for the same report period in 2006 was 671.789 million bushels. The bean counters are scratching their heads trying to calculate the number of acres that will likely be planted to soybeans.

A total of 75.5 million acres were planted to beans in the 2006 crop year. The average yield was 42.7 bushels per acre a year ago. You and I know that soybeans make excellent oil to blend with dinosaur oil in the process of extending diesel fuel oil for thirsty combines, tractors, semi-trucks and of course pick-em-up trucks that haul farm dogs.

A number close to 75 million acres will be necessary to calm the nerves of traders in the Chicago pits. Remember every bushel of corn or beans used as fuel in this country means that plantings in other countries will have to be increased to assure balance in the food markets.

Uncle Joe Sez
With the snow melted, Donna and I were able to make our way to Charleston to partake of our favorite sandwiches at Joey’s Place on Lincoln Avenue across from the Family Video Store. My godmother, Aunt Winola Grant, and her youngest son Mark Grant own and operate the best sandwich shop in Charleston. Aunt Winola and Cuzin Mark have been working in the sandwich business since the middle of the 1980’s.

Donna preferred the chicken salad served on fresh baked bread. I was literally starving for one of Joey’s double cheese burgers. Joey’s Place is very particular about the ingredients used in making sandwiches that will satisfy their customer’s appetite.

Whether you are Big & Tall or short & small Cuzin Mark and Aunt Winola serve sandwiches that will satisfy them all.

The phone rang and it was Cuzin Dan. He needed an appliance mover and I happened to have one handy in the machine shed. Dan is a local barber, whose shop is located next to the Secretary of State’s office in Charleston.

If you need a haircut prior to getting in the fields this spring, Cuzin Dan says to stop by The Barber Shop and he will “get it done”.

Joe Grant is an agri-business representative living near Charleston.

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