Morning Comments

Good Morning   


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. 

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