Current Markets as of 8:10 Friday, February 12, 2021
Month High Low Change Last
Mar 21 Corn $5.46 ¼ $5.40 ¼ $ + 1 ¼ $5.42 ¼
Dec 21 Corn $4.54 ¾ $4.50 ¾ $ – 1 ¼ $4.51 ¼
Mar 21 Beans $13.77 ¼ $13.63 ½ $ + 2 ½ $13.70
Nov 21 Beans $11.80 ¾ $11.71 ¼ $ + 1 ¼ $11.75 ½
Oil $58 Lower Gold $1,815 Lower Dow $31,300 Lower Wheat $6.33 Mixed
The Des Moines ethanol low rack price is $1.6483. This is $0.1879 lower than the unleaded gas low price of $1.8362
Mar Corn Support is $5.25 and resistance is $5.74. Mar Bean Support is $13.37 and resistance is $14.36. Funds bought 100 Million (20,000) contracts of corn and bought 60 Million (12,000) contracts of beans Thursday. Just over 122,000 contracts traded last night.
Grains and oilseeds are higher as we head towards a three-day break from the marketplace. Corn and soybean futures are back above the 20-day moving average and testing yesterday’s highs at time of writing. Meanwhile, equities and energies are a touch on the defensive while the dollar is firming. The CME will be closed Monday in observance of Presidents’ Day
The soybean board crush firmed a bit to 79 cents spot and July at 68 cents. New crop board crush is more acceptable at roughly $1.00 per bushel. Oil share continues to lead with 35% of the crush value. Domestic meal cover appears to be adequate through March but increasingly less so April-forward.
Argentine corn harvest getting underway and export values running under US for March-June slots. (June slot has Arg corn 43 cents/bu cheaper). Buenos Grain Exchange still keeping their estimate of the corn crop at 46.0 mmt while the Rosario Grain exchange bumped their number to 48 mmt. Look for choppy trade today
Weather: Argentina was mostly dry over the past 24 hours, with action picking up center/ north in the next five days, back dry again for the 6-10 day time frame as moisture supplies decline. Brazilian rains were solid center/east in particular yesterday, with good precipitation in all but western crop areas expected in the next five days, then rains moving out to the north for the 6-10 day period and leaving the bulk of corn and soybean areas drier during that span
Corn: Calls are 1-3 better following the overnight trade
Beans: Calls are 3-5 higher following the overnights
Have a Great Weekend! Darren, David and Elizabeth
Gold-Eagle Cooperative Providing Quality Services and Products Innovatively, Profitably, and Professionally.