The Ottumwa Courier

Business

July 1, 2014

U.S. crude flows abroad

News that the Obama administration is paving the way for an increase in oil exports for first time in nearly 40 years provides more evidence of high production and ample supplies in North America. The complicated move, involving the Commerce Department and many technicalities, may be more symbolic at this stage than an overall lifting of export bans but has been heralded by some as a fundamental change in the U.S. oil market policy.

Easing of tensions in Iraq, increased output from Libya and lackluster domestic economic data contributed to lower prices for crude oil and its products last week. The peak of demand for gasoline is typically around the upcoming Fourth of July holiday, while demand for diesel fuel may ebb as builders and farmers have likely already purchased fuel to meet their spring and early summer needs.

By midday Friday, August crude oil was trading slightly lower on the week at $105.50 per barrel, while gasoline and diesel fuel each were cheaper by a few cents per gallon as well.

Grains wait for USDA

Midday Monday, the USDA released two key reports about the grain markets, which will be closely watched by farmers, consumers and traders. The Planted Acreage Report gives the USDA’s estimate of how much corn, soybeans and spring wheat were planted throughout the U.S. this spring, while the Quarterly Grain Stocks Report will tally current U.S. stockpiles of the grains.

With corn and wheat prices relatively low compared to soybeans, many farmers planted more beans this year instead of corn and wheat; the USDA is expected to show more than 82 million acres of beans planted this year, a huge jump from last year’s 76.5 million acres.

The stockpile report is expected to show over 3.7 billion bushels of corn, a relative abundance, nearly 1 billion bushels more corn in storage than in 2013. Meanwhile, soybean stockpiles could be significantly smaller than last year, likely shrinking below 400 million bushels.

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  • Local grains for July 25, 2014 (Per bushel) No. 2 No. 1 Corn Soyb Wht Cargill 3.59 Farmer’s 3.55 12.33 DFS Osky 3.54 12.60 Reiff Grain 3.54 12.30 Wapello Co. 3.39 12.25 Two Rivers 3.42 12.37 Tri-County 3.49 12.33

    July 24, 2014

  • Local grains for July 24, 2014 (Per bushel) No. 2 No. 1 Corn Soyb Wht Cargill 3.60 Farmer’s 3.57 12.49 DFS Osky 3.55 12.51 Reiff Grain 3.55 12.40 Wapello Co. 3.47 12.34 Two Rivers 3.42 12.29 Tri-County 3.55 12.48

    July 23, 2014

  • Local grains for July 23, 2014 (Per bushel) No. 2 No. 1 Corn Soyb WhtCargill 3.62Farmer’s 3.60 12.27DFS Osky 3.57 12.47Reiff Grain 3.54 12.20Wapello Co. 3.50 12.17Two Rivers 3.40 12.23Tri-County 3.58 12.26 4.53Troy Blfd 3.59 12.26 4.39Troy Bkbg 3.48 12.16 4.37

    July 23, 2014

  • 0723 OTT Business grant bw photo -L -T SIEC, Co-Bank match trails grant funds BLOOMFIELD — Southern Iowa Electric Cooperative and Co-Bank have awarded the Davis County Trails Council $10,000 through Co-Bank’s Sharing Success Matching Grant Program. Co-Bank’s “Sharing Success” matching grant program is designed to celebrate the

    July 22, 2014 2 Photos

  • Local grains for July 22, 2014 (Per bushel) No. 2 No. 1 Corn Soyb Wht Cargill 3.66 Farmer’s 3.56 12.18 DFS Osky 3.61 12.39 Reiff Grain 3.54 12.04 Wapello Co. 3.46 11.99 Two Rivers 3.44 12.14 Tri-County 3.60 12.08

    July 21, 2014

  • Local grains for July 19, 2014 (Per bushel) No. 2 No. 1 Corn Soyb WhtCargill 3.76Farmer’s 3.69 12.19DFS Osky 3.71 12.40Reiff Grain 3.64 12.00Wapello Co. 3.56 11.95Two Rivers 3.54 12.15Tri-County 3.60 12.04 4.72Troy Blfd 3.57 12.04 4.66Troy Bkbg 3.59 12.05 4.65

    July 19, 2014

  • Ottumwan one of the best PORTLAND, Ore. — Ottumwa High School graduate David Venables has been recognized as an attorney on the rise. Venables, a 2000 OHS grad, has been named one of the top 2.5 percent of lawyers in the state of Oregon. This is his second consecutive year b

    July 18, 2014

  • Local grains for July 18, 2014 (Per bushel) No. 2 No. 1 Corn Soyb WhtCargill 3.84Farmer’s 3.72 12.17DFS Osky 3.79 12.38Reiff Grain 3.67 12.03Wapello Co. 3.64 11.98Two Rivers 3.63 12.13Tri-County 3.65 12.07 4.95Troy Blfd 3.66 12.07 4.80Troy Bkbg 3.67 12.03 4.87

    July 17, 2014

  • Local grains for July 17, 2014 (Per bushel) No. 2 No. 1 Corn Soyb Wht Cargill 3.83 Farmer’s 3.73 12.30 DFS Osky 3.78 12.50 Reiff Grain 3.65 12.15 Wapello Co. 3.63 12.10 Two Rivers 3.61 12.26 Tri-County 3.64

    July 16, 2014

  • Disaster assistance loan available now IOWA CITY — MidWestOne Bank released information this week on a special Disaster Assistance Loan to assist those in Iowa and Western Illinois that have been affected by the rain, floods and storms this season. The MidWestOne Disaster Assistance Loan

    July 16, 2014

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