Current Markets as of 8:15 Tuesday, October 23, 2018
Month High Low Change Last
Dec 18 Corn $3.71 $3.69 $ UNC $3.69 ½
Dec 19 Corn $4.02 ¾ $4.01 ¼ $ UNC $4.01 ½
Nov 18 Beans $8.58 $8.52 $ – 4 ½ $8.54
Nov 19 Beans $9.18 ½ $9.13 ½ $ – 4 ¼ $9.15 ¾
Oil $68.19 Lower Gold $1,238 Higher Dow $24,905 Lower Wheat $5.07 Mixed
The Des Moines ethanol low rack price is $1.9248. This is $0.2658 lower than the unleaded gas low price of $2.1906.
Corn Support is $3.65 and resistance is $3.87. Beans Support is $8.55 and resistance is $9.00. Funds bought 55 Million (11,000 Contracts) of corn and bought 10 Million (2,000) contracts of beans Monday. Just over 85,000 contracts traded last night.
The grain markets are mixed with wheat finding mild support while corn is holding near unchanged and beans are weaker. Soybean futures are below last week’s lows with SX9 below the 100 day moving average while nearby futures are back below the 50 day MA. Fresh fundamental news remains scarce although world equities are under heavy pressure
Soybean harvest in IA, MN, SD, ND, WI and KS is more than 25% behind the five year average harvest pace.
Weather: Rain chances will fire up tomorrow in the Plains and WCB and begin a wetter stretch for U.S. growing areas, right up through 6-10 and 11-15 day forecasts that continue to show above-normal precip (along with lingering cool temps).
EARLY MARKET FEATURES
Corn – Dec futures down ½ to up 1 ½ overnight… Corn is trying again to hold above its 100 day moving average at 3.70 ½. Feels like we are stuck in a narrow range.
Beans – Nov beans down ½ to down 5 ½ overnight. Slow exports are the focus, until we get a better idea of crop quality.
Have a great Tuesday! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.