Current Markets as of 8:00 Tuesday, March 10, 2020
Month High Low Change Last
May 20 Corn $3.77 $3.74 $ + 3 ¾ $3.76 ½
Dec 20 Corn $3.80 ½ $3.77 ¾ $ + 3 ½ $3.79 ¾
May 20 Beans $8.82 ½ $8.74 ½ $ + 8 ½ $8.78 ½
Nov 20 Beans $8.97 ¼ $8.90 ½ $ + 8 $8.94 ¼
MARKETING MEETING FRIDAY 10:30 KANAWHA FIRE STATION
Oil $33.50 Higher Gold $1,665 Lower Dow $24,600 Higher Wheat $5.39 Higher
The Des Moines ethanol low rack price is $1.0625. This is $0.2354 lower than the unleaded gas low price of $1.2979.
The markets are rebounding from the largest one-day equity rout since the financial crisis; the Dow futures up nearly 1,000 points and crude oil is up $3.15/barrel. The grain markets are joining in on today’s rally as well with soybeans leading the way and up 11 cents. Today’s equity rally is attributed to the White House discussing a possible cut in payroll taxes and word that “major” economic announcements will occur today
The average trade estimate for today’s USDA WASDE report has corn ending stocks at 1.888 billion bushels versus 1.892 billion in February. Soybean stocks are pegged at 426 million bushels versus 425 million in February
Argentine farmers began a four-day strike on Monday to protest the government’s hike on export taxes for soybeans and its byproducts.
May Corn Support is $3.60 and resistance is $3.74. May Beans Support is $8.65 and resistance is $8.90. Funds sold 35 Million (7,000) contracts of corn and sold 55 Million (11,000) contracts of beans Monday. Just over 111,000 contracts traded last night.
Weather: Heavy rains fell in the central and southern Midwest over the past 24 hours, returning again late-week into the weekend while extended maps remain wet as well; temp forecasts gradually bring in cold from the NW into late March.
Rains fell in northern Brazil and central Argentina yesterday, with action shifting south into southern BRZ and northern ARG in the 6-10 & 11-15 day.
Markets moving higher on ideas President Trump will implement a payroll tax cut.
China’s Ag ministry stated that coronavirus would not alter its soybean import intentions.
USDA March WASDE report to be released at 11:00 AM
Have a Great Tuesday! Darren, Brady and David
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.