News

MORNING COMMENTS

Good Morning   

 

Current Markets as of         8:00     Tuesday, February 18, 2020

 

Month                        High               Low                 Change                       Last

Mar 20 Corn              $3.82               $3.78               $ + 2                            $3.79 ¾                                                              

Dec 20 Corn               $3.92 ½          $3.89               $ + 2                            $3.90 ¾                                                                         

Mar 20 Beans            $8.98 ½         $8.89 ¼          $ – 1 ¼                        $8.92 ¼                            

Nov 20 Beans             $9.27               $9.19 ¼          $ – ½                           $9.22    

  

Oil    $51   Lower      Gold   $1,850   Higher     Dow $29,250   Lower      Wheat $5.65 Higher 

The Des Moines ethanol low rack price is $1.6060. This is $0.2056 lower than the unleaded gas low price of $1.8116. 

Mar Corn Support is $3.75 and resistance is $3.88.  Mar Beans Support is $8.72 and resistance is $8.99. Funds sold 65 Million (13,000 Contracts) of corn and sold 35 Million (7,000) contracts of beans Friday. Over 256,000 contracts traded last night.

Korean firms stepped in and booked up to 260,000 tons (4 cargoes) of option origin corn for Mar/April/May/June arrival 

The grain markets are rebounding following the long holiday weekend. News that China will grant duty exemptions on a plethora of US goods helped commodities rally overnight. Equities are under pressure this morning following a warning from Apple that the forced plant shutdowns due to coronavirus is causing supply shortages 

The average trade estimate for today’s NOPA crush report has NOPA members crushing 173.748 million bushels of soybeans in January. If realized, it would be down from the 174.812 million bushels crushed in December but above the January 2019 crush of 171.630 million bushels 

Weather:  Weekend precip was scattered in the northern and eastern Midwest, moving through the south and east today with lighter action this week; amounts are seen picking up this weekend into early next week and the 6-10 day, including the southern Plains. Temps are warm into the weekend but cooler past that

Rains fell in Argentina and northeastern Brazil over the past 24 hours, wetter in southern Brazil and northern Argentina in the next ten days; center-south BRZ remains wetter in the 11-15 day also, a bit drier today in northern BRZ 

OPENING CALLS:

 

Corn 2-3 Higher

Beans Mixed

Wheat 8-10 Higher

Have a Great Tuesday!   Darren, Brady and David

Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally. 

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