Current Markets as of 8:00 Monday, December 24, 2018
MARKETS CLOSE AT 12:05 TODAY. RE-OPEN Wednesday December 26th at 8:30 a.m.
Month High Low Change Last
Mar 19 Corn $3.79 $3.75 ¼ $ – 3 ¼ $3.75 ¼
Dec 19 Corn $3.99 ¼ $3.96 ½ $ – 2 ¾ $3.96 ½
Jan 19 Beans $8.86 $8.79 ½ $ – 3 ½ $8.81 ¼
Nov 19 Beans $9.37 ¾ $9.32 $ – 2 ¼ $9.34 ¼
Oil $44.75 Lower Gold $1,263 Higher Dow $22,340 Lower Wheat $5.14 Mixed
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 bought 25 Million (5,000 Contracts) of corn and sold 35 Million (7,000) contracts of beans Friday. 94,565 contracts traded last night.
China and the United States held a vice-ministerial-level call on Friday, the second such contact in a week, achieving a “deep exchange of views” on trade imbalances and the protection of intellectual property, the Chinese Ministry of Commerce said; a statement posted on the ministry’s website on Sunday said the two countries “made new progress” on those issues, without specifying further
Friday’s COT report showed for the week ending 12/18/2018 the funds were net buyers of roughly 30k corn contracts, 17k wheat, 11k soybeans and 3k soybean meal
Weather: In South America, rains favored central-western Brazil over the past 24 hours to minimize most lingering dry areas, though conditions will dry up a bit there this week, but the heaviest chances shifting into Argentina over the next five days. Rain chances will move up into southern and central BRZ for the 6-10 day time frame, then wetter conditions are on tap for northern BRZ in the 11-15 day
EARLY MARKET FEATURES
Corn – Market has pulled back overnight after Friday’s rally buoyed by talk of potential Chinese purchases. Light, thin trade – trade will probably be the fare for this week amid lack of inputs due to the partial government shutdown. Feels like the 3.65-370 area, basis the March, is the target for now
Beans – Soybeans continue to struggle, down another 4-5 overnight. Beneficial rains fell overnight in Brazil with more to come. The only real salve for beans will be an agreement to end the trade war with China. Outside markets will continue to be a weighty issue as well
Have a Merry Christmas! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.