News
MORNING COMMENTS
Good Morning
Current Markets as of 8:00 Thursday, January 31, 2019
Month High Low Change Last
Mar 19 Corn $3.81 ½ $3.80 ¼ $ – ¾ $3.80 ½
Dec 19 Corn $4.03 ½ $4.03 $ – ½ $4.03 ¼
Mar 19 Beans $9.25 $9.19 ¼ $ + 2 $9.23
Nov 19 Beans $9.63 ¼ $9.58 $ + 1 ¾ $9.61 ¾
Oil $54.50 Higher Gold $1,310 Higher Dow $24,888 Lower Wheat $5.17 Mixed
The Des Moines ethanol low rack price is $1.3853. This is $0.1077 lower than the unleaded gas low price of $1.4930.
The US Grain Council is projecting US ethanol exports could climb to a whopping 4 billion gallons by the year 2020, more than double the current record of 1.62 billion gallons of exports shipped during the 2017-18 marketing year. Ethanol exports for the current marketing year are projected to come in near 2 billion gallons
Corn Support is $3.76 and resistance is $3.85. Beans Support is $9.10 and resistance is $9.40. Funds bought 55 Million (11,000 Contracts) of corn and bought 10 Million (2,000) contracts of beans Wednesday. Just over 65,000 contracts last night.
The average trade estimate for tomorrow’s US jobs report has 174,000 new non-farm payroll jobs added in January. The unemployment rate is expected to remain unchanged at 3.9%. Yesterday’s ADP payroll report showed 213,000 jobs added in January versus trade expectations of 174,000.
Weather: Winter wheat in southern MO and central IL/IN/OH remain at risk of winterkill due to extreme low temps, though conditions will moderate in the coming days and weeks
Rains fell mostly in northern Argentina over the past 24 hours, with forecasts running drier for most of that country over the next five days and in the 11-15 day time frame today, though rains return for the 6-10 day period. An overall drier outlook for ARG will mostly allow surplus moisture to ease up. Northeastern Brazil will see multiple rain chances across the next two weeks, though some southern crop areas remain stressed longer-term
EARLY MARKET FEATURES
Corn – Weekly export sales were strong; above estimates for corn
Beans – Fresh news from China/US trade negotiations remains scarce.
Have a great Thursday! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.