Current Markets as of 8:00 Friday, December 28, 2018
Month High Low Change Last
Mar 19 Corn $3.76 ½ $3.74 ½ $ + 1 ¼ $3.75 ¾
Dec 19 Corn $3.98 ¼ $3.96 ¼ $ + 1 ¼ $3.97 ½
Mar 19 Beans $8.88 $8.83 ¼ $ + 4 ¼ $8.86 ¾
Nov 19 Beans $9.30 ¾ $9.26 $ + 4 $9.29 ¼
Oil $45.50 Higher Gold $1,277 Higher Dow $23,250 Higher Wheat $5.13 Higher
The Des Moines ethanol low rack price is $1.3226. This is $0.0922 lower than the unleaded gas low price of $1.4148.
Corn Support is $3.81 and resistance is $3.92. Beans Support is $8.70 and resistance is $9.00. Funds bought 10 Million (2,000 Contracts) of corn and sold 25 Million (5,000) contracts of beans Thursday. Very slow trade of only 44,256 contracts last night
Grains are trading slightly higher in the overnight trade. Crude oil and equities are slightly higher while the US dollar is slightly lower. President Trump in a tweet this morning has threatened to close the Southern Border entirely if his demands for more funding to build a wall are not met
China has opened the door to imports of rice from the United States for the first time ever in what analysts took to signal a warming of relations.
Weather: The U.S. radar picture has cleared out a bit this morning with rains moving out through the southeast; 24-hour totals were mostly confined to snow in the northern Midwest and rain in the ECB. Precipitation chances look much more scattered over the upcoming week, with continued light snow chances in the north and rains here and there in the south. The 6-10 day period is running drier today, with better precip on tap for the 11-15 day for the Plains. Temperatures are also looking warmer again as we head into mid-January
Rains fell in both northern Argentina and northern Brazil over the past 24 hours, with more scattered precip down into central BRZ; chances are looking better for the next five days for central and northern BRZ, to go along with above-normal rains for the bulk of the country’s growing areas for the 6-10 and 11-15 day time frames as well. ARG is looking drier today for the 6-10 day period but that’s still enough to keep wetness concerns afloat
EARLY MARKET FEATURES
Corn – Overnight prices are up 1 ¼ to 1 ¾ cents. The sideways trade continues with no push to violate the 365-385 trading range in the near term.
Beans – markets have bounded overnight on South American weather talk and optimism about trade talks with China bearing fruit. Politics and trade will continue to be at the forefront and give direction to price movement in the near term.
Have a great Weekend! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.