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

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