Current Markets as of 8:10 Thursday, November 15, 2018
Month High Low Change Last
Dec 18 Corn $3.70 $3.66 ½ $ + 2 ¾ $3.69 ¾
Dec 19 Corn $4.01 ¼ $3.98 ½ $ + 2 ¼ $4.01 ¼
Jan 19 Beans $8.97 ½ $8.83 ¾ $ + 9 ¼ $8.92 ¾
Nov 19 Beans $9.48 $9.36 $ + 7 ¾ $9.43 ½
Oil $56.50 Higher Gold $1,214 Higher Dow $25,040 Lower Wheat $5.08 Higher
The Des Moines ethanol low rack price is $1.6006. This is $0.2201 lower than the unleaded gas low price of $1.8207.
Today’s weekly EIA report is likely to show ethanol production last week at 315-318 million gallons versus 314 million last week. Ethanol margins continue to get squeezed
Corn Support is $3.60 and resistance is $3.78. Beans Support is $8.63 and resistance is $9.06. Funds bought 20 Million (4,000 Contracts) of corn and bought 20 Million (4,000) contracts of beans Wednesday. Just over 97,000 contracts traded last night.
The markets are off to a better start with soybeans bouncing nearly a dime as China and the US continue to discuss ideas for a trade resolution. Nov 19 futures made new highs for the move and traded to the highest level in a month. Ag futures on the Dalian Exchange were generally lower with veg oils being the exception.
This afternoon’s October NOPA soybean crush is expected to come in at 170.0 million bushels, up from 160.8 mbu in September and 164.2 mbu last October, and the second-largest single month on record (if realized) behind 171.9 mbu in March 2018. Estimates range from 165.0-178.0 million bushels.
China has delivered a written response to U.S. demands for wide-ranging trade reforms, three U.S. government sources said, a move that could trigger more formal negotiations to resolve a withering trade war between the world’s top economies. Trump is expected to meet Chinese President Xi Jinping on the sidelines of a G20 summit in Argentina at the end of November and in early December
Weather: A rain and snow mix continues to swirl through the eastern corn belt this morning, moving northeastward through tonight as precip chances shift into the northern belt into the weekend
EARLY MARKET FEATURES
Corn – Steady to 2¾ cent higher.
Beans – 8-10 Higher – Higher trade off trade war optimism.
Have a great Thursday! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.