Good Morning    

Current Markets as of         8:00     Tuesday, March 5, 2019

Month                                              High                                      Low                                       Change                                        Last

May 19 Corn                                  $3.76                                  $3.73 ¾                                  $ UNC                                         $3.74 ¾                                                           

Dec 19 Corn                                   $3.96 ¾                            $3.95                                       $ UNC                                         $3.95 ¾                                                                      

May 19 Beans                                $9.18 ½                             $9.11                                       $ – 2 ½                                         $9.13 ½                         

Nov 19 Beans                                 $9.53                                  $9.45 ¾                                $ – 2 ½                                         $9.48            

Oil    $57 Higher      Gold   $1,286   Lower     Dow $25,833   Higher      Wheat $4.54 Lower 

The Des Moines ethanol low rack price is $1.7419. This is $0.1525 lower than the unleaded gas low price of $1.8944. 

On Monday, the EPA sent their draft to the White House, proposing the year-round sale of higher ethanol blends. The rule will be put out for public comment before it can be finalized. The process needs to be completed before June 1 to allow E15 to be available for the summer driving season 

Corn Support is $3.66 and resistance is $3.81.  Beans Support is $9.00 and resistance is $9.22. Funds bought 15 Million (3,000 Contracts) of corn and bought 20 Million (4,000) contracts of beans Monday. Just under 60,000 contracts traded last night. 

Bloomberg News survey for the March 8th WASDE report has the average corn ending stocks pegged at 1.751 billion bu. versus 1.735 billion last month. Soybean ending stocks are estimated at 904 million bu. versus 910 million in February

Bloomberg News survey for the March 8th WASDE report has Argentina soy production estimated at 55.3 MMT, up .3 MMT from February. Brazil soy production is pegged at 115.7 MMT versus 117.0 MMT last month. Argentina corn production is estimated at 46.0 MMT, unchanged from February. Brazil corn production is estimated at 94.6 MMT, up .1 MMT from last month 

Weather: The U.S. is dry this morning but Plains action is on tap this weekend into the 6-10 day time frame; the 11-15 day is drier. Temps remain below normal

Showers linger in northern Brazil, shifting south later this week then back north in the 6-10, leaving dryness threats minimal overall. Rains continue in northern ARG as well this week but drier conditions emerge thru next week 

EARLY MARKET FEATURES

Corn – May futures up 1 ¼ to down ¼ overnight waiting for more direction from WASDE or a trade deal

Beans – May beans up 2 ½ to down 3 overnight no follow up yet on yesterday’s positive trade talk headlines, and export inspections slipped after last week’s recovery. Futures met stiff resistance at the 200 day moving average overnight.          

Have a great Tuesday!   Darren, Brady and David

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