Current Markets as of 8:05 Thursday, June 20, 2019
Month High Low Change Last
July 19 Corn $4.42 ½ $4.36 ½ $ UNC $4.41
Dec 19 Corn $4.55 ½ $4.49 $ + ¾ $4.54
July 19 Beans $9.05 $8.96 ½ $ + 1 $9.04 ¼
Nov 19 Beans $9.31 ¼ $9.22 ¾ $ + 1 ¾ $9.30 ½
Oil $55.50 Higher Gold $1,380 Higher Dow $26,767 Higher Wheat $5.18 Lower
The Des Moines ethanol low rack price is $1.6843. This is $0.1773 lower than the unleaded gas low price of $1.8616.
Dec Corn Support is $4.54 and resistance is $4.74. Nov Beans Support is $9.20 and resistance is $9.60. Funds sold 135 Million (27,000 Contracts) of corn and sold 55 Million (11,000) contracts of beans Wednesday. Just over 180,000 contracts traded last night.
When news broke that President Trump and Chinese leader Xi Jinping had talked again by phone, Chinese state owned media swiftly pointed out that the White House made the call, not Beijing.
President Trump will host Canadian Prime Minister Justin Trudeau today as the two leaders push for approval of a renegotiated trade agreement between the U.S., Canada and Mexico. The revised NAFTA trade agreement has been renegotiated between the three governments but still requires ratification by the U.S. and Canadian legislatures. Mexico’s Senate moved to ratify the agreement on Wednesday.
Weather: Rains were heavy in the eastern corn belt over the past 24 hours, lighter in the far NW belt but with rains continuing to develop in the Dakotas and NE this morning; action will pick up in the WCB tonight and roll through the Midwest across the weekend, expected to bring pretty strong coverage to almost the entire corn belt over the next five days. Both 6-10 and 11-15 day maps are running a bit drier this morning, with any above-normal rain chances favoring the far north, much drier south and into the southern Plains. Temperatures will also be picking up into the above-normal category starting next week
EARLY MARKET FEATURES
Unwanted rains will blanket the Midwest throughout the weekend.
Fed signals possible interest rate cut, pushing stock futures higher.
Weekly exports were at high end of expectations for beans; poor for corn
Have a great Thursday! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.