Current Markets as of 8:10 Friday, September 27, 2019
Month High Low Change Last
Dec 19 Corn $3.71 ¾ $3.70 $ – 1 ¾ $3.71
Dec 20 Corn $4.04 $4.03 $ – ½ $4.03 ¾
Nov 19 Beans $8.89 ¼ $8.84 $ – 2 $8.86 ½
Nov 20 Beans $9.44 ¼ $9.39 ¾ $ – 1 ½ $9.42 ½
Oil $55.50 Lower Gold $1,490 Lower Dow $26,950 Higher Wheat $4.88 Higher
The Des Moines ethanol low rack price is $1.6532. This is $0.1365 lower than the unleaded gas low price of $1.7897.
Dec Corn Support is $3.53 and resistance is $3.88. Nov Beans Support is $8.52 and resistance is $8.82. Funds sold 40 Million (8,000 Contracts) of corn and sold 20 Million (4,000) contracts of beans Friday. A slow 62,127 contracts traded last night.
Chinese Ministry of Commerce spokesman Gao Feng says he sees “no winner” in the US-China trade war
The average trade estimate for this afternoon’s USDA a Hogs and Pigs report has all hogs as of September 1st at 102.8% of a year ago. Kept for breeding is pegged at 101.4% and kept for marketing is estimated at 103.0%.
Weather: The U.S. weather outlook for the Midwest is conflicted. The GFS model has a freeze threat with lows in the upper 20’s to mid-30’s for the Dakotas, western Minnesota, and northwest Iowa mid next week; the European model has no frost threat although temps do cool into the mid-30’s. The weather pattern remains wet for next week with heavy rains expected for the heart of the Belt
The models are in strong agreement that the weather pattern will be changing for Brazil over the next 10 days. Mato Grosso started to receive rains yesterday and general rains of .5 – 1.5” are forecasted every few days. October marks the beginning of the monsoonal rains and it appears to be holding true this year
The extension to the US growing season applying pressure to corn and soy markets.
Wheat being supported by dry weather concerns in Argentina and Australia.
Weather models showing a wetter pattern for Brazil; majority of Argentina remains dry.
Have a great Weekend! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.