News
MORNING COMMENTS
Good Morning
Current Markets as of 8:00 Tuesday, April 16, 2019
Month High Low Change Last
May 19 Corn $3.62 ½ $3.61 $ – 1 ¾ $3.61
Dec 19 Corn $3.90 ½ $3.88 ¾ $ – 2 $3.88 ¾
May 19 Beans $8.99 $8.95 ¾ $ – 2 ¾ $8.96
Nov 19 Beans $9.31 $9.28 $ – 2 ¾ $9.28 ¼
Grain markets will close at their regular time on Thursday and will not re-open until Sunday night, April 21st, at 7:00 in observance of Good Friday holiday.
Oil $63.60 Higher Gold $1,280 Lower Dow $26,580 Higher Wheat $4.54 Lower
The Des Moines ethanol low rack price is $2.0171. This is $0.2191 lower than the unleaded gas low price of $2.2362.
Corn Support is $3.61 and resistance is $3.81. Beans Support is $8.87 and resistance is $9.22. Funds bought 40 Million (8,000 Contracts) of corn and bought 20 Million (4,000) contracts of beans Monday. Just over 86,000 contracts traded last night.
AgRural estimating Brazilian soy harvest at 88% complete, 3% ahead of the five-year average
March NOPA crush came in at 170.011 million bushels, down 1.07% from a year ago. YTD NOPA crush stands at 1.168 billion bushels, up 4.35% from a year ago while the USDA is estimating annual crush to rise 2.1%.
US corn plantings reported at 3% complete versus 2% a week ago and 5% on average. The weekly Crop Progress report indicated NASS release soybean planting progress estimates in next week’s report
The average trade estimate for Friday’s Cattle on Feed Report has the number of cattle on feed as of April 1st at 101.8% of a year ago. Placements in March are pegged at 103.8%. Marketed in March are estimated at 96.8% of a year ago
Weather: More precip arrives in the northern Plains and belt over the next 24 hours, then the southern and eastern belt Wed/Thurs; the next system is ahead late weekend into early-week next week, while the 6-10 and 11-15 day maps today are running wetter for the Plains. Temps remain warm going forward
Brazilian rain chances continue in northern crop areas this week then the south next weekend and again in the 11-15 day time frame; Argentina will see widespread rains this week
EARLY MARKET FEATURES
Corn – Sideways price action continues as corn tries to work off oversold conditions on the charts
Beans – Despite choppy trade action, the downtrend in place from early February remains entrenched
Have a great Tuesday! Darren, Brady and David
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