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)
Corn ended the day with small gains as rumors that China will buy U.S. corn were supportive. CH gained 1 ½ cents and CK added 1 ¾ cents. Commodity funds were modest corn buyers today which added support. Funds as of midday had purchased an estimated 3000 corn contracts. Corn was able to trade in the green most of the session despite the negative influence from another large drop in crude oil. Crude losses early this afternoon reached $4/barrel as the market fell to a 15-month low on fears of a global supply glut. The sharp drop in oil will put additional pressure on ethanol prices at a time when margins are negative. The threat of a partial shutdown of the federal government beginning Friday appears to be over as the Trump Administration and Congress are close to an agreement on a year-ending spending bill.
Soybeans finished the day somewhat higher although gains were trimmed late in the session. SF settled 3 cents better and SH added 2 ¾ cents. Rumors that China was purchasing additional U.S. soybeans supported today’s market. Commodity funds were buyers of an estimated 5000 soybean contracts as of mid-session. Gulf and PNW basis firmed as exporters worked to secure cash supplies as it appears that at least some purchases will be shipped out of the Gulf. Dryness in parts of Southern Brazil is likely trimming potential yields in Northern Parana and Southern Mato Grosso do Sul and Sap Paulo where rains have been light to non-existent the past 30 days. Above normal yields in Northern Brazil will likely make up for any production shortfall in the above-mentioned regions. Early soybean harvest has begun in Northern Mato Grosso. A small amount of soybeans (1 to 2% of the Mato Grosso crop) are expected to be harvested by the end of December.
7-day precip forecast (Dec 18-Dec 25) Have a good & safe night!
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