Current Markets as of 8:10 Friday, October 10, 2019
Month High Low Change Last
Dec 19 Corn $3.95 $3.92 ½ $ – ½ $3.93 ¾
Dec 20 Corn $4.09 $4.07 ¾ $ – ¼ $4.08 ½
Nov 19 Beans $9.27 $9.18 ¾ $ + 2 ¼ $9.26
Nov 20 Beans $9.73 ¼ $9.65 ¾ $ + 2 $9.71 ¾
Oil $53.10 Higher Gold $1,500 Lower Dow $26,270 Lower Wheat $5.04 Higher
The Des Moines ethanol low rack price is $1.7109. This is $0.1882 lower than the unleaded gas low price of $1.8991.
****USDA CONFIRMS 398,000 TONS OF BEANS SOLD TO CHINA IN 19/20****
Dec Corn Support is $3.53 and resistance is $4.88. Nov Beans Support is $8.52 and resistance is $8.82. Funds sold 35 Million (7,000 Contracts) of corn and bought 15 Million (3,000) contracts of beans Friday. Just under 87,000 contracts traded last night.
The grain markets are mixed to slightly higher as we head towards the October WASDE report. In addition to today’s report, traders will keep a watchful eye on trade talks with China, as well as the updated weather reports
There is an abundance of conflicting reports around today’s US/China trade talks. South China Morning Post reporting the US and China didn’t make any progress in deputy level trade talks this week. The report went on to add higher level talks would now be only one day. There has been no release from US officials concerning the length of the talks.
The average trade estimate for today’s October WASDE report has 2019/20 soybean stocks estimated at 521 million bu. versus USDA September estimate of 640 million. Corn stocks are pegged at 1.784 billion bushels versus the September estimate of 2.050 billion
Weather: Heavy rains started up last night in the central/southern corn belt with snows moving in to the northern Plains and NW belt, making for an active radar picture this morning as expected; the system will continue through Friday before mostly clearing out for the weekend into next week, with dry weather lingering as long as the 6-10 day for a solid harvest window. Temps will be dropping sharply and holding safely below-normal right up into late October
Steady as the market waits for the WASDE.
Have a great Weekend! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.