Stanford Grain will be closed Monday, Feb. 19th for President's Day (Grain markets are closed during the day and reopen @ 7:00PM Monday night)
Stanford Grain Business Hours: Monday-Friday 7:30-4:00 CBOT Trading Hours: 7:00PM-7:45AM-Markets Open (Sun-Thurs) 7:45AM-8:30AM-Markets Closed 8:30AM-1:20PM-Markets Open 1:20PM-7:00PM-Markets Closed Daily Limits: Corn 25 cents, Beans 65 cents, & Wheat 30 cents
Friday Afternoon Comments (2/16/18)
Corn futures closed fractionally lower on a day that saw just a 2 cent range in corn. News was fairly quiet today as traders took a break ahead of the 3-day weekend. The grain markets will be closed until Monday night at 7 p.m. central time. The Argentina weather forecast is still on the top step in terms of news. The USDA is currently at 39 MMT for Argentina corn, with private estimates 1 to 2 MMT lower than that. The Buenos Aires Grain Exchange estimated that 58% of the Argentine corn and 56% of the beans are in the poor to very poor category. The Brazilian 2nd corn crop is estimated to be 46% planted vs. the average of 41%. Last year it was 58.4% planted. Mato Grosso made good progress in planting last week, but Parana, in the south, remains behind. The next week or so will be critical in those areas as yield potential dips if the crop is planted by March 1st. The USDA announced a sale of 116,000 tons of corn to Japan for this marketing year. Weekly corn exports have averaged right around 70 Mln. bu. per week over the last 5 weeks. Resistance for March corn is growing near $3.68 ½ as that has been the high for 3 days this week.
Soybeans finished slightly lower, breaking a string of 4 up days in a row. The fund buying took a pause today as the trade is in a wait and see mode on Argentina rain over the weekend. Rain chances will hang around, but totals and coverage levels will be highly debated come Monday night. 3 day weekends in a weather market always seem to crank up the volatility a notch. Soybean meal, which has been leading the recent rally, showed a small reversal at the close today with March meal closing lower after setting a new recent high. Mato Grosso in Brazil is estimated to be 45% done with bean harvest, up 16% on the weekend. Last year it was 52% complete. The commitment of traders report this afternoon is expected to show the funds were buyers of all 3 commodities this prior week. For the week, March corn closed 5 ½ cents higher. March beans were up 38 ½ cents for the week, with March wheat up 8 ¾ cents.
USDA report – February 8, 2018
USDA - Feb
USDA - Jan
Corn ending stocks
Bean ending stocks
Wheat ending stocks
U.S. bean exports down 60 Mln. bu. to 2.100 Blu.
U.S. corn exports up 125 Mln. bu. to 2.050 Bln. Bu.
Comments from Mid-Co Commodities 7-day precip forecast (Feb 16-Feb 23)
Have a good & safe holiday weekend!
It's not so much knowing when to speak, it's when not to. Jack Benny
E-mail Delivery Sheets: If you would like to receive your grain delivery sheets by e-mail, please let us know. We can do that.
ACH Payments are now available. Call for details or to sign up.