Karl's Feed
Jun 1, 2015

Bill to ease Chicago pension payments gets final legislative OK

By Karl Plume

SPRINGFIELD, Ill. (Reuters) – A bill to restructure
Chicago’s payments to its public safety workers’ retirement
funds by lowering contributions in the near term won final
legislative approval on Sunday from the Illinois Senate.

The 38-20 vote on the last day of the Democrat-controlled
legislature’s spring session will send the measure to Republican
Governor Bruce Rauner.

Jun 1, 2015

Standoff over Illinois budget set to stretch into summer

By Karl Plume

SPRINGFIELD, Ill. (Reuters) – A standoff between Democrats who control the Illinois legislature and the state’s Republican governor will extend into the summer after no deals emerged by the end of the spring legislative session on Sunday.

Democrats and Governor Bruce Rauner failed to agree on a budget compromise, leaving Illinois with a new state budget that has a revenue shortfall of at least $3 billion.

May 29, 2015

Corn drops, soybeans rise after EPA sets biofuel targets

CHICAGO, May 29 (Reuters) – U.S. corn futures fell on Friday
and were on track for a second straight weekly decline after the
U.S. government lowered its targets for ethanol blending and as
corn export demand slumped for the crop harvested this autumn.

Soybeans rose about 1 percent, led by sharply higher soybean
oil futures as the U.S. Environmental Protection Agency (EPA)
raised its target for use of biodiesel, for which soyoil is a
key feedstock.

May 28, 2015

Corn rebounds on short covering, bullish ethanol data

CHICAGO, May 28 (Reuters) – U.S. corn futures on Thursday
rebounded from a seven-month low after three days of declines in
a short-covering bounce and following a government report
showing higher ethanol output and lower stocks of the corn-based
biofuel.

Wheat futures were mixed as a weaker dollar and concerns
about the outlook for crops in Russia kept a floor under the
market, but sluggish U.S. export demand continued to restrict
gains.

May 28, 2015

Corn rebounds on short covering, lower ethanol stocks

CHICAGO, May 28 (Reuters) – U.S. corn futures on Thursday
rebounded from a seven-month low after three days of declines in
a short-covering bounce and following a government report
showing higher ethanol output and lower stocks of the corn-based
biofuel.

Wheat futures climbed after hitting a two-week low a day
earlier, boosted by a weaker dollar and concerns about the
outlook for crops in Russia, while soybeans were narrowly mixed.

May 27, 2015

Wheat sinks to 2-week low on favorable winter crop rating

CHICAGO, May 27 (Reuters) – U.S. wheat futures fell for the
third straight session on Wednesday, hitting a two-week low on
big global supplies and after a government report pegged U.S.
winter wheat crop ratings above market expectations.

Corn also slumped to a seven-month low on spillover pressure
from sinking wheat and positive U.S. crop ratings, while
soybeans firmed in a rebound from contract lows the previous
day.

May 26, 2015

U.S. wheat plunges on dollar rally, technical selling

CHICAGO, May 26 (Reuters) – U.S. wheat futures plunged more
than 3 percent on Tuesday as pressure from a strong dollar and
technical selling outweighed concerns about crop damage due to
heavy rain in the southern Plains.

Corn prices slid about 1 percent on spillover weakness from
tumbling wheat and generally favorable crop development weather
around the U.S. Midwest, while concerns about rain-delayed
planting supported soybean values.

May 22, 2015

As ethanol boom fades, ADM sees bright future for corn in grocery aisle

CHICAGO, May 22 (Reuters) – The world’s largest corn
processor, Archer Daniels Midland Co, is shifting focus
from its long-standing cash generator ethanol into developing
new food ingredients as the biofuel boom that underpinned its
financial success has cooled.

The shift could be one of the most transformative moves ever
made by 113-year-old ADM, triggered by signs of strain in its
legacy products. Demand for the gasoline additive ethanol is
forecast to remain flat over the next decade while its other
mainstay, high fructose corn syrup (HFCS), is beset by health
concerns.

May 22, 2015

Total U.S. egg output rises in April, but table eggs down -USDA

May 22 (Reuters) – U.S. production of table eggs bound for
breakfast tables, baked goods and other purposes was down 0.6
percent in April, the U.S. Department of Agriculture said on
Friday, as the country’s worst-ever bird flu outbreak decimated
flocks.

Nevertheless, total egg production rose slightly in April,
supported by a greater output of eggs for hatching into
meat-producing birds and more egg-laying hens, the USDA
reported.

May 19, 2015

Google Ventures leads $15 million deal in Farmers Business Network

May 19 (Reuters) – Google Inc and two venture
capitalist firms are investing $15 million in a U.S. tech
company that helps farmers maximize their crops based on data
gathered by agricultural equipment and shared between growers.

Google Ventures, the technology company’s venture capital
unit, is leading the fundraising for farm data startup Farmers
Business Network, FBN announced on Tuesday.