Drayton will only be taking 14.0 pro wheat or higher. NO soybeans today. Please call for corn schedule.
Corn traded lower overnight on spillover weakness in the wheat market. The May contract has technical support at the 200 day moving average of $3.79 and resistance at the recent high of $3.95. The Buenos Aires Grain Exchange maintained their Argentine corn production estimate at 34mmt. Look for choppy to lower trade on weakness in the wheat market.
Soybeans traded higher overnight with the May contract trading a nine cent range. Support continues to come from ideas of a smaller Argentina crop. The Rosario Grain Excahnge lowered its Argentine soybean production estimate to 40mmt, compared to the previous estimate of 42mmt. Look for higher trade off the open on weather concerns in South America.
Spring wheat traded lower overnight with the May contract closing at the session low of $6.11. The market was lower again on forecasts calling for rain in Kansas early next week. But the driest areas of Oklahoma and Kansas that haven’t seen much moisture in the past six months don’t seem to have much of a chance on the extended forecast. Look for lower trade today on ample supplies and rain in the forecast.
Compass contracts are a great way to market your new crop by pricing grain daily at a fixed higher futures price. Below are today’s closing bids for two types of compass contracts we offer. If you would like to make an offer or would like more information please give me a call at the office. (All compass contracts have a 48 hour probation period.)
|Price Builder Bonus||Daily Price Plus||Futures at 1:30pm|
Below is the third compass contract we offer which pays you a premium for your old crop for potentially selling the same amount of new crop. You only sell the new crop if the futures is equal to or greater than the target price on the trigger date. There are many different premiums and target prices available. Please call for more info!
|Old Crop Premium||New Crop Target||Trigger Date|
|Futures markets as of 8:30 AM|
|Kansas City HRW:||KWEK18||5.04||-0.09|
|CHS Drayton Cash Prices|
|Spring Wheat:||5.86||-0.25 basis||Mar||Delivered Drayton|
|Winter Wheat:||4.24||-0.80 basis||Mar||Delivered Drayton|
|Corn:||3.25||-0.60 basis||Mar||Delivered Drayton|
|Soybeans:||9.40||-1.05 basis||Mar||Delivered Drayton|
Spring Wheat Protein Scales
-.10 cents ea. 1/5 down from 14.0% to 13.0%
-.08 cents ea. 1/5 down from 13.0% to 11.0%
+.10 cents ea. 1/5 from 14.0% to 15.0%
+.10 cent bump at 15.0%
Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances. CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.