Good Morning    

Current Markets as of         7:55        Wednesday, May 16, 2018


Month                        High               Low                 Change                       Last

July 18 Corn              $4.04 ¼                      $4.01               $ + 1 ¾                                   $4.04                                                   

Dec 18 Corn               $4.21               $4.18 ¼                      $ + 1 ¾                                   $4.21                                                             

July 18 Beans             $10.18 ½                    $10.07 ¾                    $ – 6 ¾                                    $10.12                 

Nov 18 Beans             $10.24 ¾                    $10.15 ½                    $ – 5 ¼                        $10.19 ½          


Oil    $71 Lower      Gold   $1,287   Lower     Dow $24,638 Lower      Wheat $5.12 ¾ Higher 

The Des Moines ethanol low rack price is $2.06. This is $0.2576 lower than the unleaded gas low price of $2.3176. 

Corn Support is $3.74 and resistance is $4.03.  Beans Support is $10.02 and resistance is $10.34. Funds bought 65 Million (13,000) contracts of corn and were even on beans Tuesday.  Over 83,000 contracts traded last night.  

The two major soybean demand indicators continue to go two very separate ways, with exports generally lagging and having a tough road ahead to meet (continually aggressive and unchanged) USDA estimates, while crush numbers exceed even assertive government monthly increases. April crush of 161.0 mbu was up almost 22 mbu year-over-year, taking cumulative Sept-April crush to 1280 mbu, 70 mbu ahead of last year’s pace, or a 5.8% pace increase—the USDA is still only at a +4.7% YoY rise after the May S&D 

Informa Economics estimated 2018/19 soybean seeding at 89.4 million acres versus the USDA forecast of 89.0 million. Corn acres were estimated at 89.0 million versus USDA estimate of 88.0 million. 

Chinese Vice Premier Liu He arrived in Washington on Tuesday for trade talks with the U.S. delegation led by Treasury Secretary Steven Mnuchin. While President Donald Trump and his Chinese counterpart, Xi Jinping, are widely seen as having a strong personal relationship, officials on both sides say the countries are still far apart when it comes to trade.

The visit, which is set to last five days, is meant to prevent trade tensions from spiraling into a trade war. 

Weather: Rains continue to slide southward, with scattered activity left in the southern Plains and OH River Valley today, leaving a dry pattern the bulk of the corn belt this week; that planting window will remain open through Friday for most, though rains will be back in the NW belt and northern Plains as soon as tomorrow night. It still looks generally wet through at least the 6-10 day time frame for most U.S. growing areas, likely remaining so for the 11-15 day.



Corn – Higher trade on strength in the wheat market

Beans – Lower trade on outside markets, higher US$ and weaker crude oil

Have a great Wednesday!   Darren, Brady and David

Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally. 

Your browser is out-of-date!

Update your browser to view this website correctly. Update my browser now