News
Morning Comments
Good Morning
Current Markets as of 8:00 Monday, November 16, 2020
Month High Low Change Last
Dec 20 Corn $4.13 ¼ $4.09 $ + 2 ½ $4.13
Dec 21 Corn $4.07 ¼ $4.03 ¼ $ + 2 ¼ $4.06 ¾
Jan 21 Beans $11.54 ¾ $11.46 ½ $ + 5 $11.53
Nov 21 Beans $10.46 ¾ $10.39 $ + 5 $10.45 ¼
Oil $17 Higher Gold $1,730 Higher Dow $23,425 Higher Wheat $5.63 Higher
The Des Moines ethanol low rack price is $1.1139. This is $0.0970 lower than the unleaded gas low price of $1.2109
US corn harvest is expected to be near 95-97% complete in this afternoon’s progress report
AgRural estimates 82% of Brazil’s first corn crop is planted now
US farmer selling is slowing down with harvest wrapping up and the recent pull back in the futures market.
NOPA crush is out today with avg trade guess of 177.1 mln bu and soyoil stocks of 1.448 bln lbs.
Argentine soy oil prices continue to move higher as India, the largest veg oil importer, shifts away from palm to soy oil imports. Malaysian palm oil futures have hit 8 year high (low yields) while soy oil is pushing to 5 year highs.
Mato Grosso, the main state, is 94% complete and near avg. Some chatter about need to replant in dry areas but that’s less than 1% at this point
Dec Corn Support is $3.90 and resistance is $4.20. Jan Bean Support is $10.75 and resistance is $11.18. Funds bought 50 Million (10,000) contracts of corn and bought 50 Million (10,000) contracts of beans Friday. Just under 152,000 contracts traded last night.
Weather: Argentina saw good rains over the weekend, shifting west/southwest over the next ten days, with the center-east again trending drier; Brazilian precipitation was scattered from SW to NE over the past 72 hours with better coverage ahead this week, then drier (especially south) for the 6-10 day time frame
OPENING CALLS:
Corn: Higher trade on demand, weakness in the US$, and strength in outside markets
Beans: Last week’s highs appear to be hanging in there on decent demand and SA dryness.
Have a Great Monday! Darren, David and Elizabeth
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.