Stanford Grain Company
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                             207 West Main Street - Stanford IL 61774 
              
Friday, February 22, 2019
 
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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 60 cents, & Wheat 35 cents

Friday Morning Comments (2/22/19)

The commodities are mixed this morning, with corn and beans trading firmer while wheat futures are lower.  On the upside, the 20-day moving average @ $3.85 is first resistance for May corn futures while the 20-day moving average @ $9.28 ½ is first resistance for May soybean futures.  Traders continue to await more details regarding the U.S./China trade negotiations as well as updates from the USDA Ag Forum for direction.  Recent talk surrounding the trade negotiations suggest that China has pledged to purchase "significant" quantities of U.S. agricultural products, but that "those proposals are all contingent upon a grand deal" that must include Chinese assurances on intellectual property issues.  There also continues to be much ado about the possibility that China will purchase U.S. corn, maybe as part of the overall trade agreement and maybe first as part of a goodwill gesture extended while negotiations continue. At this point, President Trump is thought likely to extend the March 1st deadline, originally set for when tariffs would increase and expand to additional goods, if an agreement hasn’t been put into place by that date. USDA Secretary Sonny Perdue commented Thursday that he felt it to be in agriculture's best interest for the U.S. to take down steel and aluminum tariffs that are in place against Canada and Mexico. The actual implementation of the new U.S.-Mexico-Canada trade agreement may be at risk of delay if those tariffs remain. Those steel and aluminum tariffs are also still creating trade tensions with Europe. On Thursday, 2019 acreage estimates were released by USDA at their Ag Forum.  They estimated 92 mln. acres of corn (89.129 in 2018), 85 mln. soybeans (89.196 in 2018), and 47 mln. wheat (47.800 in 2018). Total acreage for the top five crops, which include the three above plus cotton and rice, are estimated at a net 2.2 mln. acre drop vs last year.  Government economists also released 10-year "baseline" projections for U.S. ending stocks which showed a decline in corn, bean and wheat stocks.  Bean stocks are projected to fall to 845 mln. bu., corn to 1.650 bln. and wheat to 975 mln.  Yesterday’s weekly ethanol report was disappointing as production fell by more than 3%, while stocks jumped 2% . Corn usage was estimated at about 102 mln. bu., which is behind the weekly pace needed to meet USDA's current marketing year target.   Soybean processors are faring much better than the ethanolors. USDA is expected to report December soybean crushings at 2pm this afternoon (catching up on reports missed due to the government shutdown).  Traders are expecting a number near 182.5 mln. bu., which would up sharply on the year.  On Thursday, NOAA released updated long term U.S. forecast maps which showed April to June with above normal rainfall. The June through August forecast has normal temperatures but above normal rainfall.  In South America, weather has been favorable as of late.  USDA's ag attaché to Brazil estimates the countries soybean crop at 115.5 MMT’s, below USDA's own estimate of 117.0.  The Buenos Aires Grains Exchange maintained their estimate of a 53 MMT soy crop in Argentina and said that 87% of the crop is estimated to be in favorable condition.  Weekly U.S. export sales were released this morning, covering the last set of missing data from the government shutdown.  Numbers came in mostly as expected.  A breakdown is below for reference.  (Keep in mind these totals cover 6 weeks).  

 

7-day precip forecast (Feb 22-Mar 1)



Have a good & safe day! 

Do not let what you cannot do interfere with what you can do.
John Wooden

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Local Cash Bids
 
  Feb Mar Apr May June July Fall 19 Jan 20
STANFORD CORN Cash Price
Basis
Futures Month @C9H @C9H @C9K @C9K @C9N @C9N @C9Z @C0H
  Chart Chart Chart Chart Chart Chart Chart Chart
BEANS Cash Price
Basis
Futures Month @S9H @S9H @S9K @S9K @S9N @S9N @S9X @S0F
  Chart Chart Chart Chart Chart Chart Chart Chart
Price as of 02/22/19 03:10PM CST.
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Futures
@C - CORN - CBOT
Month Open High Low Last Change Close Time More
Mar 19 374'6 377'6 374'4 375'4 -0'2 375'2s 02:38P Chart for @C9H Options for @C9H
May 19 383'4 386'4 383'2 384'6 0'2 384'4s 02:57P Chart for @C9K Options for @C9K
Jul 19 391'2 394'2 391'2 392'4 0'2 392'4s 02:31P Chart for @C9N Options for @C9N
Sep 19 395'4 398'2 395'4 396'2 0'2 396'4s 01:30P Chart for @C9U Options for @C9U
Dec 19 400'6 403'6 400'6 401'4 0'0 401'6s 02:59P Chart for @C9Z Options for @C9Z
Mar 20 410'6 413'4 410'4 411'4 0'0 411'6s 02:31P Chart for @C0H Options for @C0H
May 20 416'4 419'0 416'2 417'6 0'0 417'4s 01:30P Chart for @C0K Options for @C0K
Jul 20 421'4 423'2 421'4 422'0 0'2 422'2s 01:30P Chart for @C0N Options for @C0N
@S - SOYBEANS - CBOT
Month Open High Low Last Change Close Time More
Mar 19 910'2 914'6 907'4 910'2 -0'6 910'2s 02:31P Chart for @S9H Options for @S9H
May 19 923'4 928'0 920'6 923'2 -0'4 923'6s 02:34P Chart for @S9K Options for @S9K
Jul 19 936'6 941'2 934'0 937'0 -0'2 937'2s 01:30P Chart for @S9N Options for @S9N
Aug 19 942'0 946'4 940'0 942'2 -0'2 942'6s 01:25P Chart for @S9Q Options for @S9Q
Sep 19 946'0 949'2 943'4 945'4 0'0 946'0s 01:30P Chart for @S9U Options for @S9U
Nov 19 953'4 957'0 950'6 953'4 0'2 954'4s 02:44P Chart for @S9X Options for @S9X
Jan 20 963'0 965'2 960'6 962'6 0'4 963'4s 01:30P Chart for @S0F Options for @S0F
Mar 20 968'0 970'6 966'0 967'6 0'2 968'6s 01:20P Chart for @S0H Options for @S0H
@W - WHEAT - CBOT
Month Open High Low Last Change Close Time More
Mar 19 488'4 493'0 484'4 485'0 0'2 486'6s 02:42P Chart for @W9H Options for @W9H
May 19 493'0 497'4 488'6 490'0 0'6 491'6s 01:30P Chart for @W9K Options for @W9K
Jul 19 495'6 500'0 491'6 493'2 1'4 495'0s 01:30P Chart for @W9N Options for @W9N
Sep 19 505'4 509'2 501'4 502'6 1'0 504'4s 01:30P Chart for @W9U Options for @W9U
Dec 19 519'2 523'0 515'6 516'2 0'0 518'0s 01:30P Chart for @W9Z Options for @W9Z
Mar 20 530'0 533'4 526'2 526'2 -0'2 528'4s 01:24P Chart for @W0H Options for @W0H
@DX - US DOLLAR INDEX - ICEFU
Month Open High Low Last Change Close Time More
Mar 19 96.465 96.650 96.280 96.410 -0.053 96.367 02:59P Chart for @DX9H Options for @DX9H
Jun 19 95.990 96.135 95.820 95.910 -0.048 95.882 02:59P Chart for @DX9M Options for @DX9M
Sep 19 95.510 95.550 95.470 95.470 -0.081 95.377 02:59P Chart for @DX9U Options for @DX9U
EB - BRENT CRUDE - ICEEC
Month Open High Low Last Change Close Time More
Apr 19 66.96 67.73 66.87 66.99 -0.08 67.12 02:59P Chart for EB9J Options for EB9J
May 19 67.05 67.84 66.98 67.12 -0.07 67.25 02:59P Chart for EB9K Options for EB9K
Jun 19 67.02 67.77 66.91 67.05 -0.07 67.18 02:59P Chart for EB9M Options for EB9M
My Custom Markets
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High: 42°F
Low: 23°F
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Stanford, IL
Chg Zip Code: 
Temp: 42oF Feels Like: 35oF
Humid: 68% Dew Pt: 32oF
Barom: 30.33 Wind Dir: E
Cond: N/A Wind Spd: 13 mph
Sunrise: 6:39 Sunset: 5:38
As reported at BLOOMINGTON, IL at 2:00 PM
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