Current Markets as of 8:00 Thursday, January 17, 2019
Month High Low Change Last
Mar 19 Corn $3.75 ¾ $3.74 $ + 1 ¼ $3.75 ¼
Dec 19 Corn $4.00 ¼ $3.98 ¾ $ + ¾ $4.00
Mar 19 Beans $8.98 ¾ $8.94 ¼ $ + 3 ¾ $8.98 ¼
Nov 19 Beans $9.40 ¾ $9.37 ¼ $ + 2 ¾ $9.40 ¼
Oil $51.30 Lower Gold $1,291 Lower Dow $24,090 Lower Wheat $5.13 Mixed
The Des Moines ethanol low rack price is $1.4186. This is $0.1060 lower than the unleaded gas low price of $1.5246.
Nat Gas up 15.4 cents at this time…$3.543
EIA January Short Term Energy Outlook forecasts US retail gasoline prices to average $2.47/gallon in 2019 versus $2.73 in 2018. Brent crude oil is expected to average $61/barrel in 2019 and $65/barrel in 2020.
DOE estimated ethanol production at 1,051 thousand barrels/day. That’s up 51 thousand barrels week on week. Daily ethanol disappearance is 1,037 thousand barrels/day. Ethanol stocks are 23,351 thousand barrels. This is 97 thousand higher than last week
China’s Commerce Ministry Thursday confirmed that China’s Vice Premier will travel to the US for trade talks on January 30 -31.
There will not be an export sales report released this morning due to the government shutdown.
The U.S. Department of Agriculture will temporarily reopen its Farm Service Agency (FSA) offices starting on Thursday to help process farm loans and tax documents
Corn Support is $3.72 and resistance is $3.85. Beans Support is $8.92 and resistance is $9.15. Funds bought 45 Million (9,000 Contracts) of corn and sold 10 Million (2,000) contracts of beans Wednesday. Very slow trade of only 42,360 contracts last night.
Weather: Dryness in Brazil may be beneficial to harvest progress, but the dryness is feared to hurt crops still developing in the field. Lack of rain and above-normal temperatures may hurt yields in Central Brazil
Another winter storm is expected this week with the snow forecast spanning from Oklahoma to New York.
EARLY MARKET FEATURES
Corn – Higher trade off the open on continued technical buying and improved demand
Beans – Higher trade off the open as March soybeans try to break through $9.00 again.
Have a great Thursday! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.