News

MORNING COMMENTS

Good Morning    

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

 

OPENING CALLS: 

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. 

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