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Thursday Afternoon Comments (8/27)
Corn fell from earlier session highs but was still 2 cents higher for the day. Funds were buyers of 5,000 contracts as of mid-day. Some concern over drying conditions in the eastern corn belt as well as improving outside economic issues helped support corn today. DOW up 250 points is supportive as is crude up over $3.50 a barrel and above the $40 mark as well as moderating news regarding China. It feels as though corn is settling into a trading range until the September S&D report. Weekly export sales were a mixed bag as 14/15 saw a net decrease of 5.2 mln. bu. while 15/16 commitments rose 38.8 mln. bu. with Mexico the only buyer of note. YTD 14/15 commitments are 1,860 mln. bu. vs. 1,916 mln. bu. last year. 15/16 commitments tally 261 mln. bu. vs. 392 mln. bu. at this time last year regarding commitments for the upcoming marketing year. The International Grains Council estimates 15/16 world corn production at 968 MMT, a 2 MMT increase from their previous estimate. USDA’s current estimate is at 986 MMT – quite a difference of opinion.

Soybeans traded higher today on short covering allowing futures to bounce off of the six-and-a-half year low posted in the previous session. Recently bean prices have bore the brunt of the concerns over China’s faltering economy. However, the fact that the world financial markets seem to have stabilized somewhat was seen as supportive as was the nearby forecast. Conditions are expected to be warm and dry across much of the Midwest in the coming week. This has traders concerned that the warmer temperatures and lack of rain could stress late maturing soybeans. Solid bean export sales were also friendly. New crop soybean export sales came in this morning at 53.5 mln. bu. This was the best week of new crop sales for the new marketing year to date. Of that total, China bought 32.5 mln. bu. China has now secured 180 mln. bu. of U.S. beans in the new crop position. Total new crop soybean sales are running about 360 mln. bu. behind last year’s pace at 437.9 mln. bu. China is said to be shifting their buying from South America to the U.S. as offers become more expensive and harder to find there. Chinese crushers are rumored to be looking for U.S. beans for the November/December timeframe off of the PNW.

Wheat under a bit of pressure from Egypt buying Black Sea wheat and closed 3-5 cents lower. Weekly export sales of 19.4 mln. bu. brings YTD commitments to 360 mln. bu. vs. 414 mln. bu. last year. Countries buying wheat were scattered with no one destination standing out.


Have a good & safe night!

Success is getting what you want. Happiness is wanting what you get.
Dale Carnegie
 

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2015 Crop
Stanford Grain will accept grain with the Viptera trait but WILL NOT accept corn with the Duracade trait.
Thank You for your cooperation.

 

 


Local Cash Bids
 
  Aug Fall 15 Jan 16 Fall 16 Jan 17
STANFORD CORN Cash Price
Basis
Futures Month @C5U @C5Z @C6H @C6Z @C7H
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BEANS Cash Price
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Futures Month @S5X @S5X @S6F @S6X @S7F
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Futures
@C - CORN - CBOT
Month Open High Low Last Change Close Time More
Sep 15 362'4 367'0 362'4 365'4 1'6 363'6 02:24A Chart for @C5U Options for @C5U
Dec 15 374'2 378'4 374'0 376'6 1'6 375'0 02:24A Chart for @C5Z Options for @C5Z
Mar 16 386'0 389'6 385'2 388'2 2'0 386'2 02:24A Chart for @C6H Options for @C6H
May 16 392'4 396'2 392'0 395'0 2'2 392'6 02:24A Chart for @C6K Options for @C6K
Jul 16 396'6 400'2 396'6 399'4 2'4 397'0 02:24A Chart for @C6N Options for @C6N
Sep 16 392'4 395'2 392'4 395'2 2'0 393'2 02:22A Chart for @C6U Options for @C6U
Dec 16 399'0 401'4 399'0 400'0 0'6 399'2 02:23A Chart for @C6Z Options for @C6Z
Mar 17 407'6 411'0 407'6 411'0 3'4 409'4s 02:22A Chart for @C7H Options for @C7H
@S - SOYBEANS - CBOT
Month Open High Low Last Change Close Time More
Sep 15 887'2 895'6 887'2 889'4 3'2 886'2 02:23A Chart for @S5U Options for @S5U
Nov 15 880'0 888'2 879'2 883'2 4'2 879'0 02:22A Chart for @S5X Options for @S5X
Jan 16 885'0 892'4 884'2 887'4 3'6 883'6 02:23A Chart for @S6F Options for @S6F
Mar 16 888'2 893'6 885'4 888'2 3'2 885'0 02:23A Chart for @S6H Options for @S6H
May 16 892'0 897'2 888'2 891'4 3'4 888'0 02:23A Chart for @S6K Options for @S6K
Jul 16 893'4 900'0 892'2 895'2 3'4 891'6 02:23A Chart for @S6N Options for @S6N
Aug 16 895'0 895'0 895'0 895'0 4'6 890'2 02:23A Chart for @S6Q Options for @S6Q
Sep 16 877'2 0'0 878'6 02:23A Chart for @S6U Options for @S6U
@W - WHEAT - CBOT
Month Open High Low Last Change Close Time More
Sep 15 484'6 487'0 484'0 485'6 1'4 484'2 02:24A Chart for @W5U Options for @W5U
Dec 15 490'0 492'6 489'6 491'4 1'6 489'6 02:24A Chart for @W5Z Options for @W5Z
Mar 16 498'0 500'2 498'0 499'2 1'4 497'6 02:24A Chart for @W6H Options for @W6H
May 16 503'0 503'0 503'0 503'0 0'0 503'0 02:24A Chart for @W6K Options for @W6K
Jul 16 506'6 508'4 506'4 508'4 1'6 506'6 02:24A Chart for @W6N Options for @W6N
Sep 16 516'0 517'4 515'6 517'4 1'6 515'6 02:24A Chart for @W6U Options for @W6U
@DX - US DOLLAR INDEX - ICEFU
Month Open High Low Last Change Close Time More
Sep 15 95.805 95.860 95.565 95.565 -0.087 95.652 02:24A Chart for @DX5U Options for @DX5U
Dec 15 96.100 96.145 95.865 95.865 -0.105 95.970 02:24A Chart for @DX5Z Options for @DX5Z
Mar 16 96.225 96.315 96.095 96.265 0.047 96.218 02:24A Chart for @DX6H Options for @DX6H
EB - BRENT CRUDE - ICEFE
Month Open High Low Last Change Close Time More
Oct 15 47.40 48.45 47.31 47.99 0.43 47.56 02:24A Chart for EB5V Options for EB5V
Nov 15 48.22 49.27 48.14 48.81 0.45 48.36 02:24A Chart for EB5X Options for EB5X
Dec 15 48.99 50.04 48.90 49.60 0.48 49.12 02:24A Chart for EB5Z Options for EB5Z
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