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Coronavirus Update Stanford Grain will be open our regular business hours by telephone only until further notice. Please do not come to the office to conduct any business or to visit. This is to protect the health safety of the employees and our customers. At this time it appears this will continue possibly until the end of June. If this changes, I will update the website and send out an email. Thank you for your cooperation. Brad
Monday Morning Comments-June 1st
Good morning. New month. After a quiet and higher start to grains last night, prices have turned lower. Newswires are reporting overnight that China has asked its state companies to halt purchase of beans and pork for now in response to Trump’s comments on Hong Kong on Friday. No mention of the private companies in China, but they are likely to stay quiet as well. During his Friday news conference, Trump stated that the U.S. would start the process of eliminating special privileges for Hong Kong. Some of the specifics were a little fuzzy but he did not specifically mention trade with Hong Kong or China. We will see how this unfolds over the next days or weeks, but it is not a positive step with the grain markets already dealing with the negative demand effects of COVID and the possibility of a large crop coming. It was a beautiful weather weekend across the Midwest with warming temps expected this week. Some rain chances persist during the middle of the week but the warmth looks to hang around through the extended forecast. A tropical storm is picking up steam in the Gulf so weather watchers will be tracking its progress during the week. Export inspections are out this morning. Crop progress is out this afternoon. Corn planting is expected at 95% done versus 88% last week. Bean planting is expected at 77% done versus 65% last week. The monthly grain and oilseed crushing reports for April will be out this afternoon. It is likely that soybean crush for April will be a record. The month of June will bring a supply/demand report on June 11th and the acreage and a quarterly grain stocks report on June 30th. Weather will be a main driver for the markets as well during this month with China relations a news item that never seems to rest. Equity futures are flat this morning. The dollar and crude are both slightly lower. The commitment of traders’ report on Friday afternoon showed another increase in the net short position for corn, which is said to be the largest net short position for the end of May on record. The beans and Chicago wheat position continue to hang around even. Have a nice day.
7-day expected precip:
6-10 DAY FORECAST (TEMP/PRECIP)
In every battle there comes a time when both sides consider themselves beaten, then he who continues the attack wins.