Good Morning   


Current Markets as of         8:00     Thursday, February 20, 2020


Month                        High                  Low                 Change                       Last

Mar 20 Corn              $3.81 ¼        $3.78 ½           $ – 1 ¾                        $3.78 ¾                                                               

Dec 20 Corn               $3.91 ½        $3.89 ½          $ – 1 ¼                         $3.89 ½                                                                         

Mar 20 Beans            $8.98            $8.91 ¼           $ – 4 ½                        $8.92 ¾                             

Nov 20 Beans             $9.22 ¼       $9.18               $ – 4 ¼                        $9.18 ¾     


Oil    $53   Higher      Gold   $1,615   Higher     Dow $29,250   Lower      Wheat $5.74 Lower 

The Des Moines ethanol low rack price is $1.6797. This is $0.2111 lower than the unleaded gas low price of $1.8908. 

Mar Corn Support is $3.75 and resistance is $3.88.  Mar Beans Support is $8.72 and resistance is $8.99. Funds sold 45 Million (9,000 Contracts) of corn and bought 45 Million (9,000) contracts of beans Wednesday. Over 132,000 contracts traded last night. 

The grain markets are on the defensive today with the coronavirus, in addition to a firmer dollar, both weighing on futures. The death toll of the virus has reached 2,118 with the total number of cases reaching 75,700. The number of new cases in China appears to be declining although the reliability of the numbers remains in question 

During today’s Outlook Forum, Ag Secretary Perdue will be announcing new renewable fuel targets. The agency is seeking a 15% blend rate by the year 2030, followed by a 30% rate by the year 2050 

The average trade estimate for Friday’s Cattle on Feed Report has the number of cattle on feed as of February 1st at 102.3% of a year ago. Placements in January are estimated at 101.5% and marketed in January are pegged at 101.0% of a year ago. 

Weather:  Decent rains fell in central/northern Brazil over the past 24 hours, favoring the northeast up through the weekend as well with the center/south drier, though those trends will shift a bit as extended forecasts progress. Argentina is seen remaining mostly dry throughout the bulk of the next two weeks




The markets remain pressured on virus fears; stronger dollar also weighing on grains.

The annual USDA Ag Outlook Forum begins today and will conclude on Friday.

Weekly export sales report is delayed until Friday; Cattle on Feed also Friday

Have a Great Thursday!   Darren, Brady and David

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

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