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Morning Comments

Good Morning   

 

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 

OPENING CALLS:

 

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. 

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