Current Markets as of 8:00 Friday, December 21, 2018
Month High Low Change Last
Mar 19 Corn $3.77 ½ $3.75 ¼ $ + 1 $3.76 ¼
Dec 19 Corn $3.99 $3.97 $ +1 ¼ $3.98
Jan 19 Beans $8.94 ¾ $8.91 $ – ¾ $8.92 ¾
Nov 19 Beans $9.44 ¼ $9.41 $ – ¾ $9.42
Oil $46.50 Lower Gold $1,263 Higher Dow $22,860 Mixed Wheat $5.17 Lower
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 60 Million (12,000 Contracts) of corn and sold 30 Million (6,000) contracts of beans Thursday. Just under 88,000 contracts traded last night.
Corn exports were the biggest of the year. Soybean export sales yesterday were huge at nearly 3 million tons. Sales from the new Chinese purchases was reflected in the data
Commodities are mixed with corn slightly firmer while wheat and soy are lower. Uncertainty over the economy and fears of a government shutdown has the Dow poised to open lower again. Yesterday the Dow closed at a 14 month low.
China called the U.S. arrogant and selfish on Friday after two Chinese citizens were charged with stealing trade secrets and other sensitive information from American government agencies and corporations. Foreign Ministry spokeswoman Hua Chunying accused the U.S. of undermining other countries’ development in order to defend its own hegemony.
Yesterday’s Cattle on Feed Report came in as expected. The number of cattle on feed as of December 1st came in at 101.9% of a year ago. Placements in November were 95.1% and marketed in November was 101.4% of a year ago.
Yesterday’s U.S. Quarterly hog/pig report showed all hogs as of December 1st at 102% of a year ago. Hogs kept for breeding came in at 102%. And kept for marketing was 102%.
Weather: The Plains and Midwest look dry for the next 5-6 day before above-normal rains settle in around next Wednesday/Thursday, leading into 6-10 and 11-15 day maps that continue to show above-normal precip. Temps remain warm
Rains were heavy in Mato Grosso and Parana over the past 24 hours, expanding north next week; dryness stress should remain limited in Brazil overall. ARG rains were scattered yesterday in the north and east, drying up through next week, but action returns in the 6-10 and 11-15 day
EARLY MARKET FEATURES
Corn – Steady to slightly higher. Trade will be thin today as we head into the Christmas holiday.
Beans – Softer this morning. Trade is not expecting to see fresh Chinese buying until next week
Have a great Weekend! Darren, Brady and David
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