Stanford Grain Company business hours are 7:30AM-4:00PM. CBOT Daily Limits effective 11-1-20: Corn: 25 cents Beans: 70 cents Wheat: 40 cents
Coronavirus Update Our priority is to keep our employees and customers healthy and safe at all times. Because of this our office will be closed to the public until further notice. We also ask that the drivers stay in their truck or tractor while unloading grain in the elevator.
Thank you for your cooperation.
Monday Afternoon Comments-April 19th
Corn futures ended the session slightly higher today. Global weather was seen as supportive with dry conditions expected in Brazil, the northern U.S. Plains, and Canadian Prairies. In addition, forecasts for colder than normal temperatures across the Midwest early this week offered underlying support. CZ21 was able to notch a new high today at $5.21 ¾. The spotlight remains on the Brazilian safrinha corn crop with concerns focused mainly on the states of Parana, Mato Grosso do Sul, Goias, and Sao Paulo as those states combined are expected to produce approximately 45% of Brazil's 2nd corn crop. A lack of rain in recent weeks in south-central Brazil has reportedly reduced soil moisture to less than 40% of capacity and only light rain is expected this week followed by a drier pattern the next 2 weeks. Corn planting continues to take place in some areas across the Midwest. Weather maps indicate the Midwest will see a rain/snow mix early week followed by warmer temperatures this weekend. NASS will release updated progress numbers this afternoon. The expectation is to see approximately 9% of the U.S. corn crop planted. A week ago, U.S. corn planting progress was estimated at 4% complete. Weekly U.S. export inspections were released this morning. Corn inspections totaled 60.0 mln. bu. and exceeded the weekly “needed” total the balance of the marketing year to reach USDA’s annual export projection. Activity included 560,000 tonnes shipped to China, leaving their official unshipped purchases on the books at roughly 13.1 MMT. Given “unknown” sales, this total could be closer to 14.5 MMT. Cumulative corn export inspections total 1.545 bln. bu.
Soybeans were also higher today as tight old crop and new crop balance sheet projections coupled with firm old crop domestic basis offered support. SX21 futures notched a new contract high at $12.87 ¾. Nearby crush margins remain firmly in the green and cash supplies are tightening. Record exports have resulted in depleted stocks in the east while drought-stricken areas in the west are seeing dwindling supplies. Bean harvest in Brazil is nearing completion, estimated at 91% complete. Harvest in Mato Grosso is estimated to be 100% done. This has resulted in firming Brazilian offers, but values still remain below the U.S. Weekly U.S. soybean export inspections totaled 6.8 mln. bu., falling within trade estimates. This morning’s number did, however, mark a new marketing year low and came in below the average "needed" pace per week the balance of the marketing year to meet USDA’s export projection. This week's activity included just 9,000 tonnes to China and leaves roughly 800,000 tonnes in old crop purchases still on the books. Considering sales to “unknown,” that total could be closer to 1.5 MMT. Cumulative bean export inspections stand at 2.021 bln. bu. Soybean planting has been noted in some areas across the Midwest the last few weeks. NASS will release updated progress numbers this afternoon. The expectation is to see approximately 3% of the U.S. soybean crop planted.
USDA report – Apr. 9, 2021
USDA – 20/21 Apr
USDA – 20/21 Mar
Corn ending stocks
Bean ending stocks
Wheat ending stocks
USDA – 2020/21 Apr
USDA – 2020/21 Mar
20/21 Brazil corn
20/21 Brazil beans
20/21 Argentina corn
20/21 Argentina beans
Corn feed/residual up 50 Mln. bu. Corn exports up 75 Mln. bu. Ethanol up 25 Mln. bu
Bean crush down 10 Mln. Bean exports up 30 Mln. Bean residual down 17 Mln bu.