Morrow County Grain Growers                             Pendleton Grain Growers

             Duane Disque or Brian Peiler                              Jon Sperl or Bryce Olson

             1-800-452-7396 or 541-989-8221                           1-800-422-7611 or 541-276-7611

              or Dan Steiner 481-6614 (office), 571-3798 (cell)  graingrowers@centurytel.net

                                                            GOOD MORNING!!!

            Below are the best indicated market bids as of:   9:00  on      5/15/09

***NOTE: Corn values vary depending on delivery location PLEASE call for updates.

            Yes, its weather again this morning! Temps are called above average, precip below average more or less through the end of May. Traders are showing only a little respect to the weather man, as they want to see the corn actually in the ground. Energies are higher the $$ about even. COT report confirms that in the last week or so the specs have bought over 55,000 caks (278 myn bu) of corn futures. That?s what we refer to as ?air? under the market. A dime or so leaked out Friday, and if the weather man is correct we will see more profit taking/ consolidating in the next couple weeks until we have a better handle on how many acres did get planted. Specs have also bought up more than 50 myn bu of Chicago SRW futures. Index funds remain steady with their overall long positions unchanged at 650 myn bu long Wheat, and 1.3 byn bu long corn. Another ethanol plant in North Dakota is reporting problems. They say they can chug through 2009, but will need to re-negotiate with the banks to stay solvent. That or buy corn .20 to .30 under the market to maintain cash flows.

            Scientists from China and Univ of Cali @ Berkeley have figured a way to stop premature sprouting of wheat/ barley prior to harvest. We run into the problem fairly often throughout the US, but it is a prevalent problem in China. China has also been very active buying up commodities, particularly Iron ore, copper as at least a partial hedge against a declining US $$. In the last month they have bot 57 myn tons of iron and 400,000 tons of copper. China is holding over $2 Trillion in foreign reserves ($767.9 byn in US $$). Taiwan Sugar booked .9 US corn, while the Philippines turned to Indonesia/ Brazil to fill a 2.2 myn bu tender. Canada reported their 16^th BSE case since the original 2003 episode.

***Didja Know: Argie can be a fine place to farm, with rich soils, relatively cheap input costs, favorable exchange rates, but the Gov?t takes 60% of farm income in one way or another. Wheat/ Wheat products are easily the # export commodity from Oregon. Per Capita in the US, the average consumption of wheat/ cereal products is about 192 lbs/ year. Oregon is the 13^th largest wheat state in the US (we only produce about 2.3% of the US wheat crop).