Current Markets as of 8:00 Tuesday, December 18, 2018
Month High Low Change Last
Mar 19 Corn $3.84 ½ $3.83 ¼ $ UNC $3.84
Dec 19 Corn $4.04 $4.02 ¾ $ – ¼ $4.03 ¼
Jan 19 Beans $9.09 ½ $9.02 ¾ $ + 3 ¼ $9.08
Nov 19 Beans $9.57 ½ $9.51 ¾ $ + 2 ½ $9.56
Oil $48.75 Lower Gold $1,248 Higher Dow $24,326 Higher Wheat $5.32 Lower
The Des Moines ethanol low rack price is $1.4264. This is $0.1240 lower than the unleaded gas low price of $1.5504.
Corn Support is $3.78 and resistance is $3.90. Beans Support is $9.06 and resistance is $9.32. Funds sold 10 Million (2,000 Contracts) of corn and bought 20 Million (4,000) contracts of beans Monday. Just over 57,000 contracts traded last night.
The markets are mixed with soybeans finding support while corn is holding near unchanged and wheat futures are a few cents weaker. Meal futures on the Dalian closed higher for the first time in 3 days as President Xi Jingping said China would stick to its policy agenda
President Trump has authorized Ag Secretary Sonny Purdue to implement the 2nd round of Market Facilitation Payments.
The government shutdown deadline is Friday, December 21st if lawmakers and the White House cannot reach an agreement on spending bills, the federal government will shut down which will close the USDA
China’s Ag Ministry reported another case of African swine fever in the Chongqing area
Bean cash crush margins in the US are bouncing back with Midwest values running near 90 cents/bu
Weather: NOAA’s 6-10 day forecast is extremely wet for the Midwest, Plains and Delta while keeping the region 10-15 degrees warmer than normal. The 8-14 day outlook remains especially wet while cooler than normal temps return to the central Plains and mountain west regions
24–hour rainfall totals were heavy in the NE half of Argentina, lighter elsewhere, remaining there up into the weekend and building in southern Brazil over the next five days as well
EARLY MARKET FEATURES
Corn – Steady to start the day. The corn market has been moving straight sideways in a very tight range. There just hasn’t been any fresh news to push the market in any direction.
Beans – 4 higher to start as the market is looking for confirmation to the rumors that more Chinese business took place
Have a great Tuesday! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.