Current Markets as of 8:00 Monday, July 12, 2021
Month High Low Change Last
Sep 21 Corn $5.36 ¾ $5.26 ¾ $ + 2 ¼ $5.31 ¾
Dec 21 Corn $5.24 ½ $5.14 ¼ $ + 2 ½ $5.19 ½
Aug 21 Beans $13.91 ½ $13.78 ½ $ + 4 ¾ $13.84
Nov 21 Beans $13.41 ¾ $13.28 ½ $ + 2 ¾ $13.32
Oil $73.70 Lower Gold $1,800 Lower Dow $34,650 Lower Wheat $6.14 Lower
The Des Moines ethanol low rack price is $2.1234. This is $0.2924 lower than the unleaded gas low price of $2.4158
Nationally crop ratings are expected to improve 1-2% this afternoon with improvements in IA and other states offsetting the declines in the Dakotas/MN
Canola prices are limit up again as the drought and forecast of hot temps returning next week continue to take its toll on the crop there
Friday’s CFTC report showed the funds continue to trim their longs in corn…long 219k contracts as of Tuesday’s close, down 26k contracts from the previous week. Some estimate funds long less than 195k contracts as of today as US weather and technicals remain negative short term.
Sep Corn Support is $5.30 and resistance is $5.60. Aug Bean Support is $13.34 and resistance is $14.00. Funds sold 30 Million (6,000) contracts of corn and bought 30 Million (6,000) contracts of beans Friday. Just under 100,000 contracts traded last night.
China announced it would build 10.85 mmt of new grain storage (currently estimated to have 650 mmt) in the coming year.
Weather: Weekend rains were heavy from eastern NE and IA through the ECB; SD and
MN will see a rain chance mid-week with near-term chances otherwise confined to the eastern/northeastern belt. 6-10 day precip maps are split dry north/wet south, with the 11-15 day dry overall. Temps remain normal/above
Corn: higher trade with the return of heat this week
Beans: higher trade on weather outlook
Have a Great Monday! Darren, David and Elizabeth
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.