News

MORNING COMMENTS

Good Morning    

Current Markets as of         8:00     Tuesday, January 15, 2019

 

Month                                    High                             Low                               Change                                    Last

Mar 19 Corn                        $3.81                           $3.79                                 $ + 1                                     $3.79 ½                                                        

Dec 19 Corn                         $4.04 ¼                    $4.02 ½                            $ + ¾                                  $4.03                                                                    

Mar 19 Beans                      $9.08                         $9.00 ½                           $ – 2 ¼                                $9.01 ¼                        

Nov 19 Beans             $9.50               $9.43               $ – 3                             $9.43 ½           

  

Oil    $45.50 Higher      Gold   $1,290   Lower     Dow $23,850   Lower      Wheat $5.13 Lower 

The Des Moines ethanol low rack price is $1.3488. This is $0.0988 lower than the unleaded gas low price of $1.4486. 

BNSF freight trading in the -$150 to -$100 range while UP cars bid -$600 vs – $450 offer. 

Corn Support is $3.76 and resistance is $3.85.  Beans Support is $8.92 and resistance is $9.15. Funds bought 15 Million (3,000 Contracts) of corn and sold 20 Million (4,000) contracts of beans Monday. Very slow trade of only 47,189 contracts last night 

The grain markets are mixed to marginally higher although soybeans are trading near the overnight lows. Technically, old crop soybeans closed below the 20 and 50 day moving averages on Monday, the first time since late Dec. Corn remains supported on rumors of Chinese buying interest although the marketplace still seeks confirmation 

Mato Grosso is now 5.6% harvested Deral reports 10% of Parana is now harvested. Brazilian soybean values continue to slide lower as harvest gears up and improving odds of US/China resolution of the trade war (which will be bearish to S. American values). 

The lack of key January USDA data has futures trading in narrowing ranges 

A trade delegation to be led by the Chinese vice Premier is scheduled to visit the US on January 30-31st. 

Weather: Brazil’s forecast is favorable to harvest this week while it may stress some crops that are still developing in the field

Another winter storm is expected this weekend. Snow covered much of the Midwest this past weekend and provided protection for the winter wheat crop 

EARLY MARKET FEATURES

Corn – Higher trade off the open on continued technical buying

Beans – Choppy to higher trade ahead of NOPA crush at 11:00 am

Have a great Tuesday!   Darren, Brady and David

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

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