Good Morning    

Current Markets as of         8:00     Tuesday, June 18, 2019

Month                                            High                                 Low                        Change                               Last

July 19 Corn                               $4.58                             $4.42 ¾                    $ – 7 ¾                                $4.47                                                             

Dec 19 Corn                               $4.71 ½                         $4.56 ¾                     $ – 7 ½                                $4.61                                                                       

July 19 Beans                           $9.21 ½                         $9.02 ¾                     $ – 5                                    $9.07 ¾                          

Nov 19 Beans                           $9.48                             $9.29 ½                      $ – 4 ¾                               $9.34 ¾    

Oil    $52.10   Higher      Gold   $1,353   Higher     Dow $26,272   Higher      Wheat $5.28 Lower 

The Des Moines ethanol low rack price is $1.6305. This is $0.1941 lower than the unleaded gas low price of $1.8246. 

Dec Corn Support is $4.54 and resistance is $4.74.  Nov Beans Support is $9.25 and resistance is $9.60. Funds bought 25 Million (5,000 Contracts) of corn and bought 60 Million (12,000) contracts of beans Monday. Close to 300,000 contracts traded last night. 

National corn planting progress came in at 92% complete this week, up from 83% last week but behind 100% both last year and on average; corn emergence rose from 62% to 79% done, versus 97% both LY and on average, while crop ratings were steady this week at 59% good/excellent (down from 78% LY and the 71% 5YA). Soybean planting rose from 60% to 77% this week, below 96% LY and the 93% 5YA, with emergence of that crop up from 34% to 55% this week, below 89% LY and the 84% 5YA. Winter wheat heading and harvesting remained behind pace at 89% and 8%, respectively, with ratings of that crop steady this week at 64% g/ex (up from 38% LY and the 44% 5YA figure). Spring wheat ratings fell 4% this week to 77% g/ex. Yesterday’s May NOPA soybean crush came in at 154.8 million bushels, below the average trade estimate at 162.5 million bushels and more than two million below even the most pessimistic trade guess; that was down from 160.0 mbu in April and 163.6 mbu last May (the all-time high for the month). 

Weather: 24-hour rains were lighter across the Plains and belt with scattered action on the way this week, then better coverage and amounts across this coming weekend into the 6-10 day time frame. 11-15 day forecast maps are still running warmer, with wetter weather north and drier conditions south 

EARLY MARKET FEATURES

Weather forecast is warmer and drier past June 26th.

Two-day FOMC meeting begins today.

US seeding pace remains slow, new crop quality issues become a concern.

Have a great Tuesday!   Darren, Brady and David

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