Current Markets as of 8:00 Wednesday, October 24, 2018
Month High Low Change Last
Dec 18 Corn $3.69 ¾ $3.68 ¼ $ – 1 ¼ $3.69
Dec 19 Corn $4.02 $4.00 ¾ $ – ¾ $4.01 ¾
Nov 18 Beans $8.56 ¾ $8.53 ½ $ – 2 ¾ $8.54 ¾
Nov 19 Beans $9.19 ¾ $9.17 $ – 2 ¼ $9.18 ¼
Oil $67. Higher Gold $1,228 Lower Dow $25,265 Higher Wheat $5.06 Lower
The Des Moines ethanol low rack price is $1.8547. This is $0.2148 lower than the unleaded gas low price of $2.0695.
Corn Support is $3.65 and resistance is $3.87. Beans Support is $8.55 and resistance is $9.00. Funds bought 15 Million (3,000 Contracts) of corn and bought 15 Million (3,000) contracts of beans Tuesday. Just over 85,000 contracts traded last night.
Republican Senator Grassley said on Tuesday that the EPA must act quickly to allow year-round sales of higher ethanol gasoline blends if President Trump aims to keep a campaign promise to corn farmers.
China’s agriculture ministry said the majority of the early cases of African swine fever were related to the practice of farmers feeding kitchen waste to pigs.
DERAL reports Parana, Brazil corn planting is 90% complete vs 89% a year ago. Mato Grosso is 50% planted.
November options expire on Friday.
Weather: Rain chances remain south and west of the Plains this morning with U.S. growing areas still dry, but that action will start to shift north and northwestward into the Plains and WCB over the next 24 hours, and the rest of the belt through the weekend
EARLY MARKET FEATURES
Corn – Dec futures down ½ to down 2 overnight… Corn is having trouble with resistance at its 100 day moving average, and will now likely test the bottom end of the range.
Beans – Nov beans down ¾ to down 4 overnight. Looked like there might be some positive trade news with the G20 meeting, but the market is not optimistic. The strong dollar is not helping anything
Have a great Wednesday! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.