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 75 cents, & Wheat 35 cents
Thursday Afternoon Comments (7/19/18) Corn was higher today, with the market finishing on the plus side for the fourth consecutive session. CU and CZ each settled up 4 cents and at their highest levels since July 9th. Commodity funds were modest coverers of their corn short positions today with purchases as of midday estimated at 3500 contracts. Corn is benefitting this week from optimism that the U.S. will soon reach a trade deal with Mexico – the largest buyer of U.S. corn – and from talk that dry weather in parts of the corn belt is reducing yield potential. Traders expect Monday’s crop conditions report to show corn rated in excellent or good condition falling another 1 to 2 % after the 3% drop this past Monday. This morning’s weekly export sales report showed old crop sales for the week ended July 12th of 25.2 million bu. with new crop sales of 30.5 million bu., or somewhat higher than expectations. FAS did announce later in the morning that reported sales to Argentina were incorrect and would be corrected in next week’s report. Regardless, export demand looks like it will remain strong right through the first quarter of the new marketing year and probably beyond.
After trading lower during the overnight and early morning hours, soybeans steadily gained strength from mid-morning into the close and finished the day in the green. SQ and SX each settled 3 ¾ cents better. Commodity funds were light sellers of soybeans during the morning hours with total sales as of midday estimated at 900 contracts. Early losses were linked to concern that no progress was being made on the U.S./Chinese trade dispute and that additional tariffs would be placed on Chinese imports. There was little fresh news for soybean traders today outside of the weekly export sales report. That report was somewhat supportive with old crop sales reported at 9.3 million bu. and new crop sales of 22.5 million bu. Some had feared that there would be large cancelations of Chinese purchases but total cancelations amounted to just 2.2 million bu. of new crop sales. Non-Chinese export business continues to be pushed to the U.S.
July 12th USDA Crop Production and Supply & Demand Reports
USDA - July
USDA - June
USDA – 18/19 July
USDA – 18/19 June
USDA – 17/18 July
USDA – 17/18 June
Corn ending stocks
Bean ending stocks
Wheat ending stocks
Comments from Mid-Co Commodities
Average Price Program Results: Fall Corn=$3.71 Fall Beans=$9.85
7-day precip forecast (July 19-July 26) Have a good & safe night!
When in doubt, don't. Benjamin Franklin
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