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
Thursday Afternoon Comments (4/19/18)
Corn was slightly lower at the close today after another rather quiet day of trading. CK settled a penny in the red and CZ was ½ cent lower. Today’s slightly weaker trade was in reaction to Midwest weather forecasts which are showing a dry period extending into the middle of next week accompanied by temperatures warming to near normal for late April. This should allow corn planting in the southern Midwest to begin in earnest and will also melt most, if not all the snowpack across the northern Midwest. Losses were kept in check by updated weather forecasts showing a continuation of dry conditions in southern Brazil that will stress the safrinha crop there. The weekly export sales report released this morning was also supportive as it showed corn sales last week of 43 million bu. which is well above the total needed each week to reach the USDA’s export projection for 2017/18.
Soybeans were modestly lower today with SK giving back 4 ½ cents and SX down 3 ¼ cents. Concern about possible slowing of Chinese demand overshadowed better than expected soybean sales in today’s export sales report. The report showed old crop soybean sales of 38 million bu. and new crop sales of 40 million bu. Just 4.0 million bu. of old crop sales are needed each week the remainder of the marketing year to reach the USDA’s soybean export projection. Argentina’s Agriculture Ministry today estimated the Argentine soybean crop at 37.6 MMT’s compared to the last USDA projection of 40 MMT’s but little market reaction was seen as most analysts see the Argentine crop in a range of 36 to 40 MMT’s.
Weekly U.S. Export Sales 4/19: Comments from Mid-Co Commodities
7-day precip forecast (Apr 19-April 26)
Have a good & safe night!
Family and friends and faith are the most important things in your life. Barbara Bush
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