Good Morning   

Current Markets as of         8:00     Wednesday, February 19, 2020

Month                        High                     Low                 Change                       Last

Mar 20 Corn              $3.82 ¾           $3.81                $ – 1 ¼                        $3.81 ¾                                                               

Dec 20 Corn               $3.92 ½          $3.91 ½          $ – 1 ½                          $3.91 ¾                                                                         

Mar 20 Beans            $8.94 ¼         $8.85 ¼           $ – 6                             $8.86 ¼                            

Nov 20 Beans             $9.22 ½          $9.16 ¼          $ – 4                             $9.17 ¼     

Oil    $53   Higher      Gold   $1,600   Higher     Dow $29,300   Higher      Wheat $5.72 Lower 

The Des Moines ethanol low rack price is $1.5998. This is $0.2371 lower than the unleaded gas low price of $1.8369. 

Mar Corn Support is $3.75 and resistance is $3.88.  Mar Beans Support is $8.72 and resistance is $8.99. Funds bought 75 Million (15,000 Contracts) of corn and sold 35 Million (7,000) contracts of beans Tuesday. Over 153,000 contracts traded last night. 

Soybean oil is putting pressure on beans down 54 points or almost 2%. Palm oil was down over 3% overnight on weak demand from China and India 

Corn and wheat markets are unable to continue yesterday’s gain as the trade waits for tomorrows USDA Ag Outlook conference to begin. The agency will share tentative U.S. balance sheets for the 2020-21 marketing year. Traders will be watching closely as this will be the USDA’S first stab at incorporating more assumptions on the recent US/China Phase 1 trade agreement. 

US soy crushers crushed a record 176.940 million bushels of soybeans in January, up from 174.812 million in December and above the 171.630 million crushed in January of a year ago. YTD NOPA soy crush stands is 3.09% larger than a year ago, while the USDA is estimating annual crush to rise .62% 

Weather:  Scattered rains fell in both southern and northern Brazilian crop areas over the past 24 hours, with models now drier through the weekend but wetter almost throughout during the 6-10 day time frame, drier again in southern Brazil and Argentina for the 11-15 day period 

OPENING CALLS: 

Lack of clarity on possible China soy demand and record large Brazilian soy crop weighing on soybean prices.  Rumors circulating China is in the process of securing US grain sorghum.  The annual USDA Ag Outlook Forum begins tomorrow.

Have a Great Wednesday!   Darren, Brady and David

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