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.