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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.
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Monday Afternoon Comments-March 8th Corn futures ended the day steady to slightly firmer. Some long liquidation in front of tomorrow’s March WASDE report kept a lid on prices. As of midday, funds were estimated to have sold approximately 7,600 contracts. Traders will be looking for any changes to corn exports and feed usage tomorrow. The average estimate for U.S. corn carryout is 1.47 bln. bu. Weekly corn export inspections this morning totaled 60.8 mln. bu. In addition, USDA revised last week’s corn total up 16+ mln. bu. to 80.6 mln. This week's activity included 348,000 tonnes shipped to China. Cumulative corn inspections are currently up 84% from a year ago. Over the last 5 weeks, corn export shipments have averaged 61.1 mln. bu. Traders continue to monitor global weather. Drought conditions persist in much of Argentina and are taking their toll on crop conditions. The Argentine corn crop is rated at 25% Good/Excellent, well below the 50% from last year. There is also talk of excessive rainfall in Brazil causing delays in safrinha corn planting. Current weather maps indicate Brazil will see periods of heavy rain again this week while the southern areas turn dry. Central Argentina is expected to remain dry for much of the week while the southern and western areas see isolated rainfall. Back in the U.S., the Midwest weather forecast calls for warm and dry conditions ahead of a frontal boundary expected mid-week.
Soybean futures closed the session higher on support from S. American weather concerns and positioning in front of tomorrow’s March WASDE report. Bean futures were able to gap higher, trading at new contract highs but did come off those values as the day progressed. Overall, conditions remain less than ideal in S. America, with Argentina dry and parts of northern Brazil too wet. Unseasonal rain in Brazil continues to delay their soybean harvest. Last week, Brazil shipped 2.40 MMT of export beans while Argentina soybean shipments totaled 0. U.S. soybean export inspections totaled 21.6 mln. bu. as bean exports continued their seasonal decline, notching a marketing year low. Of the weekly total, 214,000 tonnes were destined to China. Cumulative bean inspections are up 75% from a year ago. USDA will release its March WASDE report at 11am CST tomorrow with much of the focus centering on soybeans. Traders will be watching to see if USDA raises U.S. demand, given the fact we have nearly reached the projected sales volume for the entire marketing year. In addition, market participants will be monitoring any changes to S. America’s crop size. Estimates for U.S. ending stocks on tomorrow’s S&D report for beans are .117 mln. bu. CONAB will release their production estimates on Thursday this week.