Stanford Grain Company
               309-379-2141 Tel 866-379-2141 Toll-free
                             207 West Main Street - Stanford IL 61774 
              
Monday, March 8, 2021
 
Home
Stanford Grain Co.
Switchboard
Marketplace
Admin Login
My Website
2020 Fall Policy
Make an Offer
Corn and Soybean Profit and Loss Calculator
  
 
 

Stanford Grain Company

Serving our customers since 1895!
Celebrating our 125th Anniversary


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. 

Brad    
 

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.

USDA report – Mar. 9, 2021

  USDA – 20/21 Mar Avg. Est. USDA – 20/21 Feb
Corn ending stocks   1.471 1.502
Bean ending stocks   0.117 0.120
Wheat ending stocks   0.839 0.836
       
  USDA –
2020/21 Mar
Avg. Est.  USDA – 2020/21 Feb
20/21 Brazil corn   108.4 109.0
20/21 Brazil beans   133.1 133.0
       
20/21 Argentina corn   47.0 47.50
20/21 Argentina beans   47.4 48.0



  7-day expected precip:

6-10 DAY FORECAST (TEMP/PRECIP)