Stanford Grain Company Serving our customers since 1895! Elevator hours Monday-Friday: 7:30-4:00      New CBOT Daily Limits effective 5-1-22 Corn: 50 cents  Beans: $1.15  Wheat: 70 cents  Wednesday Afternoon Comments-Aug 17 December corn futures finished today's session 1 3/4 cents higher at $6.12 and November soybeans were up 9 cents at $13.90 while December wheat in Chicago was 22 1/4 cents lower at $7.80 1/2.     Trade was firm in the overnight session as selling pressure eased but took on more of a mixed pattern once the day session opened. Ongoing concerns over the global economy and future commodity demand weighed on futures, primarily the grains. Selling was overdone in the soy complex to start the week, so those values held their gains longer, but were eventually pressured as well. The United States has picked up some beneficial rains this week which have tempered yield loss fears. Rains have also been reported in the EU, although it will be difficult to reverse their production losses. When it comes to global weather more interest is now falling on China where heat is impacting grain production. Ukraine grain shipments are picking up with 5 boats leaving yesterday and 4 more expected to depart today. News the United Nations has bought $68 million of Ukraine grain for world food programs gave the market support.    Corn futures traded both sides of unchanged today as the complex struggled to find fresh news. We continue to see analysts chip away at the US yield forecast, but at the same time, several are also rethinking current demand forecasts. US corn is the cheapest for October delivery forward which should start to attract more global interest. The question with this scenario is how many buyers have needs covered and if they will simply go hand to mouth from this South American corn crop to the next. Brazil has a considerably more corn to export this year and will likely be a factor in the market longer than normal. Corn basis is starting to soften as the new crop harvest approaches. Trade is closely monitoring Ukraine exports to see if these temper demand for US offers as well.    Soybeans rebounded considerably overnight, but gains were held in check during the day session. Exporters remain confident the US will see elevated demand over the next several months, but a lack of buying interest on this week’s price break is causing some doubt. Livestock margins are improving in China and there are hopes this will elevate demand for feed grains, including soybeans. Analysts continue to bump their US soybean yield higher and this is tempering demand outlooks. Domestic demand is offsetting some of these worries as crushers are mostly back in full operation ahead of the upcoming harvest. We are hearing some concerns over Southern US soybean quality which is causing a push for remaining old crop bushels for blending, but this is not generating much movement.    Wheat values struggled today even though the United States is starting to see more demand in the global market. The US wheat market has drifted low enough that US offers are competitive with other world suppliers. The strong US dollar is negating some of this price spread though. Ukraine is increasing the volume of wheat it is exporting and diminishing chances for elevated US sales to cover their absence, although exports are nowhere close to pre-war levels. Wheat was also pressured today by news out of India that the country’s crop may be larger than previously thought.    Ethanol manufacturing slipped lower in this week’s updated production report, declining by 3.8%. For the week ending August 12th US manufacturers produced 6.88 million barrels of ethanol, 273,000 fewer than the week before. Ethanol stocks increased on the week by 190,000 barrels to total 23.45 million. This compares to last year’s 21.56 million barrel inventory.    Not only is ethanol manufacturing in the United States being monitored, but in Brazil as well. Brazil has started to shift more towards corn-based ethanol which is now 15% of the country’s overall production. As a result we are seeing more distiller grain production in Brazil, and also more exports. Brazil has always exported DDGs, but this is ramping up, and competing with the US. This was verified by a sale of 55,000 metric tons of Brazilian DDGs to Vietnam this week. As this output increases it will apply pressure to US DDG exports and ethanol manufacturing margins as well.    While the United States is seeing the spread between our offers and others in the global market narrow, there are other factors driving demand as well. One of the main ones right now is quality and importers want US inventory for blending purposes. Another factor is how quick commodities can be shipped as we once again transition into a “hand to mouth” environment. One of the greatest influences in commodity demand is currency spreads, and unfortunately this is working against the United States.   USDA report – Aug 12, 2022   USDA – 22/23 Aug Avg. Est. USDA – 22/23 July USDA – 21/22 Aug Avg. Est. USDA – 21/22 July Corn ending stocks 1.388 1.407 1.470 1.530 1.520 1.510 Bean ending stocks 0.245 0.225 0.230 0.225 0.226 0.215 Wheat ending stocks 0.610 0.650 0.639                       USDA – 2022 Aug Avg. Est.  USDA – 2022 July 2021     Corn production 14.359 14.397 14.505 15.115         Corn Yield 175.4 176.0 177.0 177.0     Bean production 4.531 4.473 4.505 4.435         Bean Yield 51.9 51.0 51.5 51.4     All wheat production 1.783 1.796 1.781 1.646           Winter wheat 1.198 1.203 1.201 1.277                     USDA – 22/23 Aug USDA – 22/23 July   USDA – 21/22 Aug Avg. Est. USDA – 21/22 July Brazil Corn 126.0 126.0   116.0 116.0 116.0 Brazil Soybeans 149.0 149.0   126.0 126.1 126.0               Argentina Corn 55.0 55.0   53.0 52.7 53.0 Argentina Soybeans 51.0 51.0   44.0 44.0 44.0 Corn yield less than expected. Bean yield higher than expected   7-day expected precip: 6-10 DAY FORECAST (TEMP/PRECIP)   Don't judge each day by the harvest you reap but by the seeds that you plant. Robert Louis Stevenson Have a good and safe night!

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	@C - CORN - CBOT Month Open High Low Last Change Close Time More Sep 22 615'0 617'4 610'2 610'2 -4'6 615'0 02:54A Dec 22 612'0 614'6 606'6 606'6 -5'2 612'0 02:53A Mar 23 619'0 622'0 614'0 614'0 -5'2 619'2 02:54A May 23 622'4 625'0 617'0 617'0 -5'2 622'2 02:54A Jul 23 620'2 623'0 615'2 615'2 -5'4 620'6 02:54A Sep 23 588'0 588'0 584'2 584'2 -4'2 588'4 02:54A Dec 23 580'4 582'4 576'0 576'0 -4'4 580'4 02:54A Mar 24 590'0 594'4 588'0 589'0 -3'2 588'0s 02:54A @S - SOYBEANS - CBOT Month Open High Low Last Change Close Time More Sep 22 1475'0 1487'6 1472'0 1474'0 -1'2 1475'2 02:54A Nov 22 1390'0 1397'0 1380'0 1381'0 -9'0 1390'0 02:54A Jan 23 1396'0 1403'6 1386'4 1388'4 -8'0 1396'4 02:54A Mar 23 1399'2 1406'6 1390'4 1391'4 -8'2 1399'6 02:54A May 23 1401'2 1408'4 1392'4 1394'4 -7'6 1402'2 02:54A Jul 23 1402'0 1407'4 1392'2 1392'6 -8'4 1401'2 02:54A Aug 23 1374'0 1374'0 1374'0 1374'0 -9'0 1383'0 02:54A Sep 23 1344'2 1347'6 1338'2 1343'0 3'0 1342'6s 02:54A @W - WHEAT - CBOT Month Open High Low Last Change Close Time More Sep 22 764'6 766'4 747'2 749'2 -14'0 763'2 02:54A Dec 22 781'6 783'4 764'6 765'6 -14'6 780'4 02:54A Mar 23 798'2 799'0 782'2 782'6 -13'2 796'0 02:54A May 23 807'0 808'4 792'4 794'6 -11'0 805'6 02:54A Jul 23 807'6 807'6 793'2 794'6 -10'6 805'4 02:54A Sep 23 806'4 808'4 797'0 798'2 -10'6 809'0 02:54A @DX - US DOLLAR INDEX - ICEFU Month Open High Low Last Change Close Time More Sep 22 106.575 106.875 106.430 106.785 0.299 106.486 02:54A Dec 22 106.145 106.575 106.145 106.425 0.264 106.161 02:54A Mar 23 105.835 105.726 EB - BRENT CRUDE - ICEEC Month Open High Low Last Change Close Time More Oct 22 93.29 93.90 93.05 93.54 -0.11 93.65 02:54A Nov 22 92.68 93.30 92.49 92.90 -0.12 93.02 02:54A Dec 22 91.97 92.57 91.76 92.11 -0.19 92.30 02:54A My Custom Markets Symbol Open High Low Last Change Close Time More

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