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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. 

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