Market Outlook Meeting: Stanford Grain will be hosting a market outlook meeting on Wednesday, Dec. 19th beginning at 8AM at the Allin Twsp building. Aaron Curtis from Mid-Co Commodities will give the market presentation. Also Mike McClellan from Mobile Weather Team will give a weather outlook presentation.
Christmas & New Year's Schedule: Monday, 12/24: Markets & Elevator Closing at Noon Tuesday 12/25: Markets & Elevator Closed Wednesday, 12/26: Elevator Opens @ 7:30 & Markets Open @ 8:30 (no night trade) Monday, 12/31: Markets & Elevator open regular hours Tuesday, 1/1/19: Markets & Elevator Closed Wednesday, 1/2/19: Elevator Opens @ 7:30 & Markets Open @ 8:30 (no night trade)
Good morning. Grains are a bit weaker, but soybeans are slightly higher to begin the day after a rather quiet overnight trade. The Dollar is weaker, and it looks like the stock market will open with small gains. Oil is again lower as the bear market continues. February crude oil futures were trading near $75 in early October and are now under $49. It would seem that oil needs to rebound somewhat for a significant corn rally. The Trump Administration announced yesterday afternoon that it has approved the second round of payments to farmers hurt by the trade war with China. We’ll see how the farmer reacts to the news – some suggest that he will now be a much more aggressive seller of his old crop beans while others think the additional cash flow will cause him to hold on for a market rally. The general sentiment is that additional Chinese sales will soon be announced with sales of another 2 to 5 MMT’s of soybeans expected. Brazilian soybean premiums are at their lowest level in nearly a year as Chinese importers are unwilling to make large purchases amid optimism over U.S./Chinese trade. Rumors persist that China has purchased U.S. corn to be shipped from the PNW. The PNW track market did firm noticeably late last week. Nearby barge freight was weaker yesterday as additional demand is required to support values. Demand for U.S. corn looks like it will be strong during the JFM period as U.S. offers are competitive with the rest of the world. Chinese President Xi Jinping today rejected foreign pressure to open its markets to allow more competition. The lack of reforms could be a stumbling block to resolving the trade issues with the U.S. The Fed begins its final meeting of the year today and is expected to announce a quarter of a percent hike in short term interest rates when the meeting concludes tomorrow. A partial government shutdown, which would include the USDA, will occur on Friday if the White House and lawmakers do not reach a spending agreement. A sideways type trade looks until more is known about additional Chinese purchases. Have a good Tuesday.
7-day precip forecast (Dec 18-Dec 25) Have a good & safe day!
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