Current Markets as of 7:50 Tuesday, March 12, 2019
Month High Low Change Last
May 19 Corn $3.64 $3.61 $ + ¾ $3.62 ¾
Dec 19 Corn $3.89 $3.86 ¾ $ + 1 ¾ $3.88 ¼
May 19 Beans $8.92 $8.87 ¾ $ + ¾ $8.90 ¾
Nov 19 Beans $9.27 $9.23 ¼ $ – ¼ $9.25 ¼
Oil $57.60 Higher Gold $1,299 Higher Dow $26,656 Lower Wheat $4.33 Higher
The Des Moines ethanol low rack price is $1.7846. This is $0.2177 lower than the unleaded gas low price of $2.0023.
Corn Support is $3.61 and resistance is $3.81. Beans Support is $8.87 and resistance is $9.22. Funds sold 60 Million (12,000 Contracts) of corn and sold 30 Million (6,000) contracts of beans Monday. Just over 154,000 contracts traded last night.
The US continues to be more expensive on the global market compared to South America and Ukraine. Ukraine had its largest February on record for exports.
CONAB just released their updated production numbers, lowering Brazil’s soybean forecast to 113.459 MMTs, down from 115.34 MMTs in February. Soybean exports were pegged at 70 MMTs versus 71.5 MMTs last month
CONAB increased Brazil’s total corn crop to 92.807 MMTs versus 91.65 MMTs last month. The first corn crop is seen at 26.21 MMTs. The second corn crop is pegged at 66.596 MMTs. Corn exports were left unchanged at 31 MMTs versus 24.767 MMTs last year.
President Trump’s 2020 budget on Monday proposed a 15 percent cut for the U.S. Department of Agriculture, calling its subsidies to farmers “overly generous.” The Republican president’s budget requested $20.8 billion for the USDA, a cut of $3.6 billion, or 15 percent, from the 2019 estimate. It proposes reducing premium subsidies for crop insurance, limiting the number of producers who would be eligible and tightening commodity payment limits
Weather: Rains have fired up in the Southern Plains this morning and precip will last through Thursday, dropping some beneficial rains across all HRWW areas; the 6-10 day looks cold and dry with 11-15 day maps finally turning warmer
Much of Brazil saw scattered rains yesterday and conditions will remain beneficially wet there throughout; ARG rains are much patchier with models running drier this morning for the next five days, limited for the 6-10 day
EARLY MARKET FEATURES
Corn – Higher finding support from wheat.
Beans – Mixed on lack of supportive news
Have a great Tuesday! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.