News

MORNING COMMENTS

Good Morning    

Current Markets as of         8:05     Tuesday, June 4, 2019

 

Month                                             High                                Low                                  Change                                         Last

July 19 Corn                                $4.36                              $4.28 ¼                            $ + 5 ¼                                      $4.29 ½                                                             

Dec 19 Corn                                 $4.53 ¼                         $4.45 ¾                            $ + 5 ¼                                       $4.47                                                                       

July 19 Beans                              $8.94 ½                        $8.83 ¼                            $ + 7 ½                                        $8.86 ½                         

Nov 19 Beans                               $9.21 ¼                        $9.10 ½                             $ + 7 ¾                                       $9.14   

  

Oil    $62.10   Higher      Gold   $1,325   Lower     Dow $25,035   Higher      Wheat $4.64 Lower 

The Des Moines ethanol low rack price is $1.7798. This is $0.1861 lower than the unleaded gas low price of $1.9659. 

Corn Support is $4.28 and resistance is $4.36.  Beans Support is $8.83 and resistance is $8.99. Funds sold 40 Million (8,000 Contracts) of corn and bought 15 Million (3,000) contracts of beans Monday. Close to 400,000 contracts traded last night. 

American corn is being booked to be imported into the US Southeast but reportedly monthly capacity is limited to about 15 mln bu a month at Wilmington. US River remain a mess with no barge freight offered on Mid-Miss or IL River now until July at the earliest 

Iowa corn crop is rated 51% good to excellent versus 81% a year ago. NASS is expected to release national corn condition rating next week.

Of the 18 states reported in the NASS Crop Progress report, there remains 28.5593 million unplanted corn acres from the March planting intentions report. 6.160 million of those acres remain in IL, 3.795 in IN, 3.360 in SD, 2.345 million in OH and 2.720 million in IA.

Of the 18 states reported in the NASS Crop Progress report, there remains 49.695 million unplanted soybean acres from the March planting intentions report. 

Weather: Rains fell over the past 24 hours from the southern Plains up through the heart of the Corn Belt; action will expand through tomorrow across the Midwest then cover the southern belt again later in the week, with weekend rains on tap for the belt as well. Extended maps are more varied, with cool temps back 

EARLY MARKET FEATURES

Corn – Lower than expected corn plantings threw more fuel on corn price movement overnight. More rains over the next two weeks, further flooding and the calendar are arguments for extending strength in corn prices

Beans – Prices have been buoyed overnight by continued slow planting progress due to continuing rains. Fundamentals for beans are not great, but short covering continues to add a little “gas’ to soybean prices. Would think it to be advantageous to take note and take action on the higher price moves

Have a great Tuesday!   Darren, Brady and David

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

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