The Ottumwa Courier

Business

April 7, 2013

Gasoline prices slashed

Gasoline futures dropped nearly 25 cents (-7.7 percent) per gallon last week, falling to the lowest level since late January. Prices are sliding as refinery operations are increasing, with U.S. refineries running at 86.3 percent of capacity, the highest level since early January.

More and more refineries are coming on line as producers stockpile gasoline ahead of the summer driving season, which is usually defined as the period between Memorial Day and Labor Day.

Expectations for rising supplies in the coming weeks caused the price of May gasoline futures to drop as low as $2.87 on Friday.

Futures prices are typically much lower than pump prices because they represent wholesale prices for fuel, without taxes or other expenses included.

As summer approaches, expectations for consumer driving demand will begin to affect prices as well, but for now, drivers may simply enjoy a lower bill the next time they fill up.

Corn Crumbling

The corn market continued its decline that started the week prior after a USDA report showed higher-than-expected corn stockpiles. Inventories are high due to a lack of demand from the cattle industry, which has culled its herds over the last year.

Since the report, prices have fallen by more than $1 per bushel (-13.8 percent), slammed lower as farmers and investors rushed to sell their holdings of last year’s crop. By the end of the week, corn had fallen as low as $6.27 per bushel, the lowest price in over nine months.

This spring, farmers are expecting to plant the most corn acres since 1936, providing further pressure to the corn market, as the prospect for a record-breaking harvest this fall looms ahead.

Despite all of the negative factors lined up against the corn market, increases in demand from livestock feeders, ethanol producers or foreign countries could cause prices to rebound. Furthermore, this year’s crop is barely beginning to be planted, and many dangers lurk between now and harvest this fall that could damage the crop and make prices rise.

Walt Breitinger a commodity futures broker in Valparaiso, Ind. He can be reached at 800-411-3888 or www.indianafutures.com. This is not a solicitation of any order to buy or sell any market. Opinions are solely the writer’s.

1
Text Only
Business
  • Ottumwa Walk-in Clinic to move OTTUMWA — The Ottumwa Walk-In Clinic will soon have a new place to call home. The clinic, currently located in the Kmart plaza, will be relocating to 1255 Theater Drive next to the new Aspen Dental clinic. Along with the re-location, the clinic will

    July 31, 2014

  • Local grains for Aug. 1, 2014 (Per bushel) No. 2 No. 1 Corn Soyb Wht Cargill 3.56 Farmer’s 3.48 12.18 DFS Osky 3.51 12.47 Reiff Grain 3.49 12.14 Wapello Co. 3.40 12.10 Two Rivers 3.38 12.35 Tri-County 3.44 12.34

    July 31, 2014

  • Robert Kimmel Kimmel retires from John Deere OTTUMWA — John Deere Ottumwa Works announces the retirement of one of its employees. Robert Kimmel, of Ottumwa, will retire effective July 31 after 34 years of service.

    July 31, 2014 2 Photos

  • Local grains for July 31, 2014 (Per bushel) No. 2 No. 1 Corn Soyb Wht Cargill 3.63 Farmer’s 3.54 12.14 DFS Osky 3.58 12.56 Reiff Grain 3.54 12.13 Wapello Co. 3.43 12.04 Two Rivers 3.42 12.34 Tri-County 3.50 12.43

    July 30, 2014

  • Local grains for July 30, 2014 (Per bushel) No. 2 No. 1 Corn Soyb Wht Cargill 3.66 Farmer’s 3.54 12.18 DFS Osky 3.61 12.70 Reiff Grain 3.54 12.17 Wapello Co. 3.46 12.09 Two Rivers 3.42 12.55 Tri-County 3.50 12.57 4

    July 29, 2014

  • Mid-American alerts customers to scams DES MOINES — Scam artists are at it again. MidAmerican Energy Company and local police have noted an increase in reports of suspicious calls and personal contacts from individuals posing as utility employees and threatening customers with service dis

    July 29, 2014

  • Local grains for July 29, 2014 (Per bushel) No. 2 No. 1 Corn Soyb Wht Cargill 3.73 Farmer’s 3.51 12.43 DFS Osky 3.68 12.83 Reiff Grain 3.60 12.35 Wapello Co. 3.53 12.36 Two Rivers 3.48 12.66 Tri-County 3.55 12.43

    July 28, 2014

  • Local grains for July 26, 2014 (Per bushel) No. 2 No. 1 Corn Soyb Wht Cargill 3.61 Farmer’s 3.57 12.34 DFS Osky 3.56 12.58 Reiff Grain 3.55 12.34 Wapello Co. 3.41 12.26 Two Rivers 3.43 12.40 Tri-County n/a n/a n/a

    July 25, 2014

  • West Music receives two national awards CORALVILLE — West Music Company, headquartered in Coralville, has been honored with two national awards, a Top 100 Dealer award by the National Association of Music Merchants (NAMM) as well as the Steinway Dealer of the Year award in June 2014. The T

    July 25, 2014

  • MidWestOne releases earnings IOWA CITY — MidWestOne Financial Group Inc. recently reported results for its three and six months ended June 30. Net income for the second quarter of 2014 rose to $4.8 million, compared with $4.5 million for the same period last year. Diluted earnin

    July 25, 2014

Obituaries
Record
Facebook
AP National