Stanford Grain Will Be Closed Monday, May 29th for Memorial Day Memorial Day Trading Schedule: Friday 5/26: Regular Trading Hours Sunday Night 5/28: No Markets Monday 5/29: No Markets Monday Night 5/29: Market Begins Trading @ 7PM
Friday Afternoon Comments (5/26) Corn was higher to finish the week with CN gaining 5 cents and CZ also a nickel firmer. Despite the rally, today’s trade was a low volume affair with the exception of commodity funds which were bigger than expected traders. As of midday, funds had purchased an estimated 9000 corn contracts. The rather large fund purchases in an otherwise light volume trade were a significant factor pushing prices higher. Estimates pegged the fund net short position at nearly 200,000 corn contracts as of yesterday’s close. There was more talk today that at least some corn acreage will eventually be switched to soybeans as wet soils persist in the eastern Midwest and scattered rainfall will continue to plague the region for at least another week. Tuesday’s crop conditions report is expected to show nationwide corn planting near 90% complete with 65% to 70% of the crop rated in good or excellent condition.
Soybeans were moderately lower today with SN fading 13 cents and SX a dime weaker. Like corn, trading volume was low as many traders started the holiday weekend early. Commodity funds added to their net short position by selling an estimated 5100 soybean contracts as of midday. Also pressuring today’s market were rumors that China may cancel some of their outstanding U.S. old crop purchases as Chinese crush margins have declined to nine month lows on rising domestic soymeal stocks. The persistent wet weather in the eastern Midwest is increasing odds that some corn acreage will be switched to soybeans when farmers are able to return to fields which looks like will not be before early June. Traders expect Tuesday’s crop conditions report to show about 65% of the soybean crop planted. Another week of little planting progress looks to be in the offing next week given current weather forecasts which offer several rain chances for most of the Midwest from now through the beginning days of June.
7 Day Rain Forecast May 26-June 2
Comments from Mid-Co Commodities
Average Pricing Update after Wed. May 24th (16 weeks): Fall Corn: $3.59 Fall Beans: $ 9.52
Have a good & safe holiday weekend!
As America celebrates Memorial Day, we pay tribute to those who have given their lives in our nation's wars. John M. McHugh
US Casualties from Wars WarDeaths Revolutionary War 25,000 Civil War 650,000 (2% of the US population) WWI 116,516 WWII 405,500 Korean War 36,516 Viet Nam 58,200 Gulf War 300 Afghanistan War 2,350 Iraq War 5,000
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