News

MORNING COMMENTS

Good Morning    

Current Markets as of         8:00     Thursday, December 27, 2018

 

Month                                    High                              Low                                 Change                                     Last

Mar 19 Corn                      $3.76 ½                       $3.73 ¼                              $ + 3                                     $3.76 ¼                                                      

Dec 19 Corn                      $3.98 ¼                       $3.95 ½                             $ + 2                                      $3.97 ¾                                                                    

Mar 19 Beans                   $8.89                            $8.83 ¾                            $ + 3 ½                                 $8.86 ½                       

Nov 19 Beans                   $9.31                             $9.26                                 $ + 3 ¼                                 $9.29          

  

Oil    $45.75 Lower      Gold   $1,276   Higher     Dow $22,550   Lower      Wheat $5.11 Mixed 

The Des Moines ethanol low rack price is $1.3226. This is $0.1193 lower than the unleaded gas low price of $1.4419. 

Corn Support is $3.72 and resistance is $3.92.  Beans Support is $8.70 and resistance is $9.00. Funds sold 30 Million (6,000 Contracts) of corn and sold 35 Million (7,000) contracts of beans Wednesday. Over 81,000 contracts traded last night.  

Corn, soy and wheat have recovered a portion of yesterday’s losses. Limited news, trade concerns and ample US supplies continues to limit upside potential. Crude oil is trading slightly lower after yesterday’s 10% rally higher. The US dollar is trading slightly lower. Equity futures are trading slightly lower following yesterday’s record setting one day gain 

Weather: Nearly all of the Plains and Midwest is expected to get moisture over the next 2-3 days. Rains will blanket the Central Midwest while Minnesota, Nebraska Wisconsin and the Dakotas will receive snow. Seasonally warm weather will continue before slightly below average temps enter by the weekend.

Rains were scattered in the past 24 hours in northern Brazil, with heavier amounts in southwestern Argentina yesterday; northern BRZ will continue to be favored up through the weekend with southern areas drier, while most of ARG stays very wet in the near-term. That wetter trend will linger for ARG for both the 6-10 and 11-15 day time frames, with rains shifting into central southern BRZ into the 6-10 day then back into northern areas for the 11-15. 

EARLY MARKET FEATURES

Corn – Markets have recovered 1-2 cents overnight but trade should remain light, narrow and range bound as we head into the last 3 days of trading for 2018.         

Beans – A small bounce overnight after yesterday’s selloff is not surprising but position evening ahead of first notice day probably keeps a lid on prices for now. Traders are reluctant to do too much without inputs from government reports amid the lack of possible daily export news. Outside markets don’t seem like they will be of any help today.                 

Have a great Thursday!   Darren, Brady and David

Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally. 

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