Current Markets as of 8:00 Thursday, January 30, 2020
Month High Low Change Last
Mar 20 Corn $3.85 $3.79 ½ $ – 3 ½ $3.80 ¾
Dec 20 Corn $3.95 ¾ $3.92 ¼ $ – 3 $3.92 ¾
Mar 20 Beans $8.93 ¾ $8.85 ½ $ – 7 ¼ $8.85 ¾
Nov 20 Beans $9.30 ¼ $9.23 ¼ $ – 6 $9.23 ½
Oil $53.10 Higher Gold $1,580 Higher Dow $28,530 Lower Wheat $5.68 Lower
The Des Moines ethanol low rack price is $1.5845. This is $0.1939 lower than the unleaded gas low price of $1.7784.
The coronavirus is back pressing on prices. Most commodities have broken into new recent lows and all are trading below their 20-day moving averages in downtrends
Mar Corn Support is $3.76 and resistance is $3.92. Mar Beans Support is $8.82 and resistance is $9.25. Funds sold 35 Million (7,000 Contracts) of corn and bought 20 Million (4,000) contracts of beans Wednesday. Just over 102,000 contracts traded last night.
It’s another “risk-off” day as the global markets fear the continued spread of coronavirus. Technically, Dec futures are testing recent lows near $3.92 with the next level of support being the contract lows near $3.88. Meanwhile, Nov Beans have made new lows for the move with the next level of support being the early Dec low of 9.22 ¾
China’s economic growth may drop to 5% or even lower due to the coronavirus outbreak, possibly pushing policymakers to introduce more stimulus measures, a government economist has said
Weather: Rains fell in southern Brazil yesterday, remaining so through the weekend with only more scattered action in the northern half of the country; showers will pick up in the north later next week. Argentine rains remain lighter overall, though a better chance is on tap for next Tuesday to alleviate lingering moisture concerns for now, along with a beneficial cold front
Coronavirus fears pushing commodities, equities, and energies lower
Corn 3-4 Lower
Beans 6-8 Lower
Wheat 5-8 Lower
Have a Great Thursday! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.