Current Markets as of 8:00 Tuesday, October 29, 2019
Month High Low Change Last
Dec 19 Corn $3.84 ½ $3.82 ¼ $ – ½ $3.83 ½
Dec 20 Corn $4.06 ¼ $4.04 ¾ $ UNC $4.05 ½
Nov 19 Beans $9.21 ¾ $9.16 ½ $ – 2 ½ $9.18 ¼
Nov 20 Beans $9.70 ¾ $9.67 ¾ $ 1 1 ¼ $9.69 ½
Oil $53.10 Higher Gold $1,500 Lower Dow $26,270 Lower Wheat $5.04 Higher
The Des Moines ethanol low rack price is $1.7266. This is $0.1805 lower than the unleaded gas low price of $1.9071.
Dec Corn Support is $3.82 and resistance is $4.02. Nov Beans Support is $9.06 and resistance is $9.45. Funds sold 30 Million (6,000 Contracts) of corn and bought 15 Million (3,000) contracts of beans Monday. Just under 108,000 contracts traded last night.
President Donald Trump said Monday that negotiations for the so-called phase one of the United States’ trade deal with China were “ahead of schedule.” He also stated the phase one deal would take care of farmers. A portion of the deal is expected to be signed during the president’s visit to Chile in November
The recent election of left-center Alberto Fernandez has created a lot of speculation the new leader will increase export taxes on Argentina soybeans and grains. Of equal importance will be if the peso devalues to offset the potential increase in tariffs.
Weather: Light rain/snow/mixed precipitation fell in a swath from southwest to north-east across the southern Plains and Midwest over the past 24 hours, drier this morning; action will pick up in all but the far northern Plains and Midwest starting tonight and lasting through Thursday night, though the heaviest ultimate precip totals from the upcoming event will mostly stay southeast of U.S. crop areas, in the OH River Valley into the southeastern U.S. The 6-10 day maps continue to push any wet conditions into the very far northern U.S., dry elsewhere then and into the 11-15 day, with temperatures still holding safely in the below-normal category right up into the middle of November
Corn – Overnight has given us another unimpressive trade with prices 1 ½ – 2 cents lower. Harvest continues to lag and snow are headed across NE, KS, IA and Missouri in the next 24-36 hours. The low end of support continues to be tested
Beans – Increased harvest last week is weighing on overnight prices to this point. Lack of new bullish input is no help either. Trade focusing on FND for November positions on Thursday and desperately needs a new “kick in the pants” to make the next move higher.
Have a great Tuesday! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.