Current Markets as of 8:15 Wednesday, January 23, 2019
Month High Low Change Last
Mar 19 Corn $3.81 $3.79 ¼ $ + 2 $3.81
Dec 19 Corn $4.02 ¾ $4.01 $ + 1 ¾ $4.02 ½
Mar 19 Beans $9.14 ¼ $9.10 ½ $ + 3 ½ $9.12 ¾
Nov 19 Beans $9.54 ¼ $9.51 ¼ $ + 2 ¾ $9.53
Oil $53.15 Higher Gold $1,282 Higher Dow $24,580 Higher Wheat $5.25 Higher
Corn Support is $3.76 and resistance is $3.85. Beans Support is $8.92 and resistance is $9.15. Funds sold 75 Million (15,000 Contracts) of corn and sold 30 Million (6,000) contracts of beans Tuesday. Just under 63,000 contracts last night.
The U.S. Department of Agriculture said on Tuesday it will reopen all Farm Service Agency offices on Thursday to offer services to farmers and ranchers during the partial government shutdown; some Farm Service Agency (FSA) offices had been providing limited services since Jan. 17, but the move means all the agency’s offices will be open and will provide more services.
US Chief Economic Advisor Kudlow disputed the media rumors yesterday that the Trump administration has rejected an offer from China for preparatory trade talks this week ahead of high-level negotiations scheduled for next week. Mr. Kudlow tweeted, “there’s no cancellations, none, zero. Let me just try to put that to rest.”
Weather: The current precipitation system skipped over the southern Plains as expected, with action this week and beyond confined to northern U.S. growing areas as well; temperatures remain safely below-normal right up through early Feb, though enough snow cover is seen in place to protect from winterkill
Rains were scattered in Brazil over the past 24 hours, but a dry forecast remains in place for the bulk of the country’s corn and soybean areas over the next ten days at least. Meanwhile, rains look heavy in central Argentina (up to 4-8” in the next ten days), bringing some wetness concerns to that region
EARLY MARKET FEATURES
Corn – Firm trade but still stuck in a trading range
Beans – Firm but off the overnight highs
Have a great Wednesday! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.