Current Markets as of 8:00 Friday, February 21, 2020
Month High Low Change Last
Mar 20 Corn $3.80 $3.78 $ + 1 $3.79 ½
Dec 20 Corn $3.89 ½ $3.87 ¾ $ + ¼ $3.88 ¾
Mar 20 Beans $8.96 ½ $8.91 ¼ $ + 2 $8.94 ¾
Nov 20 Beans $9.20 $9.16 $ + ¾ $9.18 ¼
Oil $53 Lower Gold $1,650 Higher Dow $29,060 Lower Wheat $5.79 Higher
The Des Moines ethanol low rack price is $1.6797. This is $0.2323 lower than the unleaded gas low price of $1.9120.
Mar Corn Support is $3.75 and resistance is $3.88. Mar Beans Support is $8.72 and resistance is $8.99. Funds sold 55 Million (11,000 Contracts) of corn and bought 30 Million (6,000) contracts of beans Thursday. Just under 112,000 contracts traded last night.
The grain markets are rebounding as we head into the weekend. The dollar index is taking a short break this morning after closing higher in 13 of the last 15 sessions! The dollar traded this week to the highest level since May of 2017
The Ag Outlook Forum sees US ag exports to China (for the fiscal year ending Sep 30th, 2020) at just $14 bln; total US ag exports rising to $139.5 bln, up $4 billion from last year. Exports to China look low considering the Phase 1 agreement that has a target of $36.5 bln for the 2020 calendar year. US Ag Secretary stated the numbers do not include details of the US/China trade agreement
Weather: Rains scattered across Northern Brazil in the past 24 hours. The 6-10 day models are wetter for Central-West Brazil. The Euro model shows a wetter risk for Southern Brazil. Argentina is mainly dry for the next two weeks according to Commodity Weather Group.
Overnight grain markets were quietly mixed but firmed higher this morning following the release of the Outlook S&Ds. The ending stocks for beans were much tighter than expected at 320 mb vs. the 519 trade guess, same with wheat at 777 mb vs. 829 est. while corn was bigger than expected at 2.637 bb vs. 2.440 est. We have a full day ahead of us besides talking about the S&Ds including weekly export sales, March options expiration and then Cattle on Feed.
Have a Great Weekend! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.