Current Markets as of 8:00 Thursday, December 20, 2018
Month High Low Change Last
Mar 19 Corn $3.82 ¾ $3.81 ¼ $ + ¾ $3.82 ½
Dec 19 Corn $4.03 ¼ $4.02 $ + ¾ $4.03 ¼
Jan 19 Beans $9.03 $8.96 ½ $ + 2 ½ $9.02 ½
Nov 19 Beans $9.51 ½ $9.45 ¼ $ + 2 $9.51
Oil $46.50 Lower Gold $1,255 Higher Dow $23,300 Mixed Wheat $5.26 Higher
The Des Moines ethanol low rack price is $1.3885. This is $0.1228 lower than the unleaded gas low price of $1.5113.
Corn Support is $3.81 and resistance is $3.92. Beans Support is $9.00 and resistance is $9.28. Funds sold 25 Million (5,000 Contracts) of corn and sold 35 Million (7,000) contracts of beans Wednesday. Just over 57,000 contracts traded last night.
China’s commerce ministry said on Thursday there are plans to hold more trade talks with the United States in January, adding that both sides exchanged views on arrangements for negotiations in the latest vice-ministerial level call.
China is poised to buy another round of soybeans from the United States, two sources familiar with the matter said on Thursday, amid a truce in a trade war with the United States.
Weather: Rains are scattered in the eastern Corn Belt this morning, continuing to move out to the east through tomorrow night; the next real precip chance for the Plains (and Midwest) looks to be on tap mid-week next week, into a wet 6-10 day span. 11-15 day precip is more scattered. Temps will be moving from an above-normal trend for the next 7-10 days to near normal.
Rains fell in both southern Brazil and southern Argentina over the last 24 hours, though those areas are looking drier over the next five days now; forecasts look wetter in northern ARG and central/southern BRZ for the 6-10.
EARLY MARKET FEATURES
Corn – Corn is steady to slightly higher. Strength in the other grains plus a big export sales number should keep corn on the plus side today
Beans – Beans should stay positive as this morning’s export sales posted a pretty big number.
Have a great Thursday! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.