Current Markets as of 8:05 Friday, November 30, 2018
Month High Low Change Last
Mar 19 Corn $3.75 $3.72 ¾ $ + 1 ½ $3.74 ¾
Dec 19 Corn $3.96 ¼ $3.95 $ + ¼ $3.96 ¼
Jan 19 Beans $8.94 $8.86 $ + 5 ½ $8.92 ¾
Nov 19 Beans $9.39 $9.32 ½ $ + 5 ¼ $9.38 ½
Oil $50.50 Lower Gold $1,220 Lower Dow $25,320 Lower Wheat $5.00 Higher
The G20 economic summit meetings in Buenos Aires starts up today
The Des Moines ethanol low rack price is $1.4365. This is $0.1226 lower than the unleaded gas low price of $1.5591.
Corn Support is $3.67 and resistance is $3.78. Beans Support is $8.63 and resistance is $9.06. Funds bought 15 Million (3,000 Contracts) of corn and sold 10 Million (2,000) contracts of beans Thursday. Just over 77,000 contracts traded last night.
Most traders are expecting the soybean market to be up or down significantly on Monday based on either positive or negative news headlines from this weekend’s meeting between President Trump and President Xi. Yesterday Trump said, “I think we’re very close to doing something with China, but I don’t know that I want to do it, because what we have right now is billions and billions of dollars coming into the United States in the form of tariffs or taxes. I really don’t know, but I will tell you that I think China wants to make a deal, I’m open to making a deal, but frankly, I like the deal we have right now.”
Weather: The Plains and Midwest were mostly dry over the past 24 hours and remain so this morning, before a widespread precip system sets today and through the weekend; heavy rain/snow/mixed precip will come in the central Plains and belt tomorrow, strongest from eastern NE through IA and northern IL/IN/OH. It looks a bit drier next week into that 6-10 day time frame, with chances returning for the 11-15 day. Temperatures remain firmly set below normal
EARLY MARKET FEATURES
Corn – Was again very steady and quiet yesterday, closing unchanged. Not much more to say until after this weekend. Calls; steady
Beans – seemed like the bean trade was all about following tweets on US / China trade deal. The closer we get to the G20 meetings, the better the talk or chatter between both sides sounds? Calls: 2-3 cents better
Have a great Weekend! Darren, Brady and David
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