Current Markets as of 8:05 Thursday, July 11, 2019
Month High Low Change Last
Sep 19 Corn $4.35 $4.32 ¼ $ – 2 ½ $4.32 ½
Dec 19 Corn $4.39 ¼ $4.35 ¾ $ – 3 ½ $4.36
Aug 19 Beans $8.96 $8.91 ¾ $ – ½ $8.94
Nov 19 Beans $9.14 ½ $9.09 ½ $ – ¾ $9.12
Oil $60.50 Mixed Gold $1,416 Lower Dow $26,948 Higher Wheat $5.43 Lower
The Des Moines ethanol low rack price is $1.9523. This is $0.2593 lower than the unleaded gas low price of $2.2116.
Dec Corn Support is $4.23 and resistance is $4.48. Nov Beans Support is $9.01 and resistance is $9.59. Funds bought 45 Million (9,000 Contracts) of corn and bought 25 Million (5,000) contracts of beans Wednesday. Just under 68,000 contracts traded last night.
The average trade estimate for Thursday’s WASDE report has 2019/20 corn production at 13.664 billion bu., yield is pegged at 165 bpa. Soy production is estimated at 3.883 billion bu., yield is pegged at 48.568 bpa
China’s agriculture ministry said it was lowering its forecast for corn consumption in the 2019/20 crop year amid outbreaks of African swine fever across the country; the ministry said corn consumption was now seen 2 million tons lower than last month’s forecast at 280 million tons because a huge fall in the pig herd
Major oil producers are pulling stuff and shutting production at many deep water gulf platforms in advance of tropical storm Barry in the Gulf of Mexico. Because the lower Mississippi is already near major flood levels, any significant rains puts New Orleans at great risk. The storm is also being watched to see if it will bring rain up to the Midwest.
Weather: Rains remain south this week with chances into the 6-10 and 11-15 day time frames mostly staying far north and far southeast; temps remain above normal
EARLY MARKET FEATURES
Corn – 2 lower as the market waits for the WASDE report
Beans – unchanged as we wait for direction from the WASDE report
Have a great Thursday! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.