Good Morning    

Current Markets as of         8:00     Friday, January 25, 2019

Month                                  High                             Low                         Change                             Last

Mar 19 Corn                     $3.78 ½                      $3.76 ¼                      $ + 1                              $3.78                                                          

Dec 19 Corn                     $4.02                           $4.00                          $ + ½                            $4.01 ¼                                                                     

Mar 19 Beans                  $9.18 ¾                      $9.14                           $ + 1 ¼                         $9.17 ¼                         

Nov 19 Beans                  $9.57 ¾                      $9.54                           $ UNC                           $9.56 ½           

Oil    $53 Mixed      Gold   $1,279   Lower     Dow $24,647   Higher      Wheat $5.20 Lower 

The Des Moines ethanol low rack price is $1.3756. This is $0.0960 lower than the unleaded gas low price of $1.4716. 

Argentina corn planting is estimated at 93% complete, which is very close to average with the crop rated much better than last year’s 54% P/VP 

Results of a Farm Futures email survey of producers yesterday estimated 2019 U.S. corn plantings at 90.3 million acres, up 1.2 MMT from 2018, with soybeans at 84.6 mln ac, down 4.5 mln from last year. 

China’s total 2018 soybean imports were 88.03 mln mt, down 7.9% from their 2017 import 

China’s most actively traded corn futures jumped 1.6 percent on Friday, after a government statement calling on state firms to actively purchase the grain to support farmers 

Today’s USDA monthly Cattle on Feed report, which has been delayed indefinitely due to the partial U.S. government shutdown has the number of cattle on feed as of January 1st at 102.2% of a year ago. Placements in December are pegged at 101.5% and marketing’s are estimated at 100.0% of a year ago. 

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 Thursday. Just over 55,000 contracts last night. 

Weather: Decent rains fell in central Brazil over the past 24 hours and good chances will linger through early next week; otherwise, BRZ forecasts are dry for the next ten days before rains return to southern BRZ in the 11-15 day. Argentina will remain wetter with precip chances moving from southern to northern crop areas across the next ten days, finally drying up a bit for the 11-15 day 

EARLY MARKET FEATURES

Corn – Sideways trade and still stuck in a trading range

Beans – 1-2 better as Chinese imports of US soybeans are well behind recent years.

Have a great weekend!   Darren, Brady and David

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