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MORNING COMMENTS

Good Morning    

Current Markets as of         8:05     Thursday, January 24, 2019

 

Month                                       High                               Low                                Change                                  Last

Mar 19 Corn                         $3.79 ¾                        $3.77 ½                              $ – ½                                  $3.78 ¼                                                         

Dec 19 Corn                          $4.03                            $4.01 ½                             $ – ¼                                   $4.02                                                                     

Mar 19 Beans                      $9.19                             $9.10                                   $ – 1 ¾                                $9.13 ¼                         

Nov 19 Beans                      $9.59                             $9.51 ¾                              $ – 1 ¾                                $9.54 ½           

  

Oil    $52.25 Lower      Gold   $1,283   Higher     Dow $24,515   Lower      Wheat $5.25 Mixed 

The Des Moines ethanol low rack price is $1.3756. This is $0.1043 lower than the unleaded gas low price of $1.4799. 

February options expire on Friday 

Corn Support is $3.76 and resistance is $3.85.  Beans Support is $8.92 and resistance is $9.15. Funds sold 30 Million (6,000 Contracts) of corn and bought 15 Million (3,000) contracts of beans Wednesday. 56,489 contracts last night. 

Informa yesterday estimated 2019 U.S. corn planted acreage at 91.5 million acres, down 440k from their December estimate but still 2.4 mln acres above last year. 2019 soybean plantings were pegged at 86.2 mln ac, up 1.1 mln ac from Dec but still 2.9 mln below last year 

China and the United States will have in-depth discussions on economic and trade issues during Chinese Vice Premier Liu He’s U.S. visit next week, the Chinese commerce ministry said. Both sides are currently in touch on the detailed arrangements surrounding his visit on Jan. 30-31. Reports the United States has cancelled consultations with China are untrue adding that the two sides have maintained close contact. 

Ag Consultant Dr. Michael Cordonnier lowered Brazilian soy production 1.0 MMT to 115.0 MMTs. Brazilian corn production was lowered 1.0 MMT to 92.0 MMTs. 

Weather: Decent rains fell in southern Brazil over the past 24 hours, with some decent action now present in central corn and soybean areas through the weekend, and wetter risks in northern/northeastern BRZ during the 6-10 and 11-15 day time frames. The BRZ forecast remains generally dry overall, however. Argentina is also looking better in the next five days, potentially drying up a bit compared to a wet stretch and wet forecast; heavier rains return for the 6-10 day time frame, though, as wet conditions linger overall 

EARLY MARKET FEATURES

Corn – Sideways trade and still stuck in a trading range

Beans – Steady/weaker, well off the overnight highs and no trade talk’s progress

Today is Happy Thoughts Thursday!   Darren, Brady and David

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

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