Current Markets as of 8:00 Friday, December 14, 2018
Month High Low Change Last
Mar 19 Corn $3.86 ¾ $3.83 $ + 2 ½ $3.86 ¾
Dec 19 Corn $4.05 $4.02 ¼ $ + ¾ $4.04 ½
Jan 19 Beans $9.08 ¼ $9.00 ¾ $ + ¾ $9.07 ¾
Nov 19 Beans $9.56 $9.49 ¾ $ UNC $9.56
Oil $50.50 Mixed Gold $1,235 Lower Dow $24,385 Lower Wheat $5.45 Lower
The Des Moines ethanol low rack price is $1.4321. This is $0.1813 lower than the unleaded gas low price of $1.6134.
Corn Support is $3.78 and resistance is $3.90. Beans Support is $9.06 and resistance is $9.32. Funds sold 20 Million (4,000 Contracts) of corn and sold 50 Million (10,000) contracts of beans Thursday. Over 103,000 contracts traded last night.
The markets are mixed to lower as the bulls remain frustrated with the limited bean purchases made by the Chinese government. Ag futures on the Dalian were generally weaker with soybeans losing roughly 1%; veg oils and grains also weaker. For the week, March Corn is holding unchanged, Jan Beans are 12 lower
China may start buying U.S. corn as early as January according to news. Rumors are it will be around 118 million bushels
Argentina’s corn crop is estimated to be 47% seeded versus 40% a year ago.
Ag Secretary Perdue said he expects to meet with the OMB today to discuss approving a second tranche of MFP payments (tariff aid), despite the recent soybean purchases by China
Monday’s NOPA crush report is estimated to be 168.4 million bushels for November. October’s was the largest month ever, at 172.3 mbu of soybeans crushed.
Weather: Rains fell in eastern OK/TX as expected over the past 24 hours, remaining there this morning; after precip moves out tonight, the Plains & belt are dry (and still warm) going forward, at least until chances resume in the 11-15 day
The heaviest rains fell in central Argentina yesterday, shifting to southern ARG through early next week, with those areas wet again in the 11-15 day; much of S.A. looks dry for the 6-10 day today, with no major issues on tap
EARLY MARKET FEATURES
Corn – Corn prices remain resilient after sell-offs, but still remains range bound.
Beans – Lack of follow through soybean purchases from China has the market stumbling, as it mulls how long to remain optimistic for larger quantities.
Have a great Weekend! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.