Stanford Grain Company business hours are 7:30AM-4:00PM. New CBOT Daily Limits effective 5-1-21 Corn: 40 cents Beans: $1.00 Wheat: 45 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.
Brad
Thursday Afternoon Comments-May 13th
Corn was sharply lower with CN down the 40-cent daily trading limit. CU shed 38 ½ cents and CZ settled 34 ¾ cents in the red. The corn market has become heavily overbought over the past three weeks and was ripe for a correction to the downside. This morning’s export sales report was bearish to old crop corn as net cancelations of 4.5 million bu. of 2020/21 corn were reported. China canceled 13.2 million bu. of current year purchases and there were another 7.6 million bu. cancelled by unknown. Argentina offers are currently well below those from the U.S. Gulf. This has sharply curtailed interest in U.S. supplies, although it does appear likely that 2020/21 exports will reach the USDA’s 2.775 billion bu. projection, as sales currently total 2.667 billion bu. with 16 weeks remaining in the marketing year. Although China cancelled a relatively small quantity of old crop purchases, it continued its recent buying of 2021/22 U.S. corn. Another 680,000 MTs of new crop sales to China were flashed this morning, bringing total Chinese new crop purchases since last Friday to 3.74 MMTs (147 million bu.). New crop corn sales in this morning’s report were a healthy 82 million bu. The recent Chinese purchases have pushed total new crop corn sales to the highest level ever for early May. Planting is beginning to resume in the eastern Midwest following last weekend’s rains. The break in the weather looks short lived as more rain is expected over the upcoming weekend.
Soybeans were sharply lower today on a wave of profit taking. SN was 58 ½ cents lower; SQ fell 50 ¼ cents, and SX was down 47 ¼ cents. Soybeans were pressured by spillover weakness from sharply lower corn futures and by heavy commodity fund selling, with funds sellers of an estimated 25,000 soybean contracts. Like corn, soybeans had become overbought during the impressive rally of the past 5 to 6 weeks. The weekly export sales report was a non-event for beans. Sales were on the low side, as expected, with just 3.5 million bu. of old crop sales reported for the week ended May 6th along with 3.8 million bu. of new crop sales. Planting of soybeans in parts of the eastern Midwest has resumed, but rains are forecast to return this weekend. USDA report – May 12, 2021
Stanford Grain Company
