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MORNING COMMENTS

Good Morning    

Current Markets as of         8:05     Friday, February 15, 2019

 

Month                                             High                              Low                                  Change                                   Last

Mar 19 Corn                               $3.76 ¼                       $3.73 ¾                               $ + 1                                    $3.75 ¾                                                           

Dec 19 Corn                                $4.00 ½                      $3.98 ¾                              $ + 1                                    $4.00 ¼                                                                     

Mar 19 Beans                             $9.08 ¾                      $9.03 ¾                              $ + 5                                   $9.08 ½                         

Nov 19 Beans                             $9.52 ¼                       $9.48                                   $ + 4                                   $9.52            

  

Oil    $55 Higher      Gold   $1,317   Higher     Dow $25,532   Higher      Wheat $5.06 Lower 

CME grain markets will be closed Monday for President’s Day.  Following a regular close today, the grain markets will not re-open until Monday night, February 18th, at 7:00pm CT. 

The Des Moines ethanol low rack price is $1.5735. This is $0.1546 lower than the unleaded gas low price of $1.7281. 

Corn Support is $3.76 and resistance is $3.85.  Beans Support is $9.10 and resistance is $9.40. Funds sold 50 Million (10,000 Contracts) of corn and sold 30 Million (6,000) contracts of beans Thursday. Just over 127,000 contracts last night. 

Informa released their updated US acreage expectations for the 2019/20 crop year. They peg the 2019 corn plantings at 91.591 mln acres, up slightly from their January estimate of 91.504 mln acres. They peg the soybean prospective plantings at 86.044 mln acres, down slightly from their Jan estimate of 86.204 mln acres 

U.S. Treasury Secretary Mnuchin said the trade talks were “productive” and Chinese President Xi Jinping said, “negotiations between both sides have achieved important progress in another step”. The talks will continue next week in Washington and traders are hoping/expecting some resolution 

Weather: Plains weather is active this morning with snow in the center/north and mixed precip and rain in SE KS and NE OK; plenty of action is on tap for the Plains and Midwest over the next five days, with extended forecasts still mostly wet

Solid rains fell across much of Brazil over the past 24 hours, moving southward over the next week, drier in the 6-10 day, wetter again northeast for the 11-15 day; Argentina is looking at a strong rain event during the 6-10 day time frame, but forecasts look fairly dry overall 

EARLY MARKET FEATURES

Corn – Price reversals lower yesterday are seeing little follow-through today as markets assess new trade headlines

Beans – The seesaw of trade negotiation headlines has brought some buying back to the bean market this morning

Have a great Weekend!   Darren, Brady and David

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

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