CHS Drayton: Morning Market Wire (01/12)

Grain markets were nearly unchanged overnight. Following the overnight session, corn had no change, soybeans are down one cent, and spring wheat is down one cent.

WASDE balance sheets, Grain Stocks, and Winter Wheat Seedings reports will be released today at 11:00am.

Corn traded two sided overnight as we head into today’s report.  Technical support is at the contract low of $3.46 then $3.38, the gap left on the continuous chart when the December contract expired.  The average estimate for corn carryout is 2.431bbu.  If we do get a bounce after today’s report, it likely won’t last long as South American weather return as the main feature once again.  Look for mixed trade ahead of today’s report.

Soybeans closed a fraction lower this morning after trading a narrow four cent range overnight.  The average trade estimate for soybean carryout is 472mbu and 3.181bbu for December stocks.  The trade is expecting a bearish report, but recent decline in prices has discounted some portion of that possibility.

Spring wheat closed a penny lower this morning after trading a three cent range over night.  Technical support for the March contract is at $6.24 then $6.20; with resistance at $6.35.  The average estimate for winter wheat seedings is 31.307 million acres, which would be down 1.389 million acres from last year.  Look for quiet trade this morning as all the focus is on today’s report.

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
SX18 (Nov.) $10.17 $10.05 $9.71
CZ18 (Dec.) $4.04 $3.95 $3.83
MWZ18 (Dec.) $6.75 $6.60 $6.38

 

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
0.27 6.35 MWZ18 8/22/2018
0.29 10.10 SX18 10/24/2018
0.11 3.95 CZ18 11/14/2018

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEH18 6.28 -0.01
Kansas City HRW: KWEH18 4.40 0.00
Soybeans: SH18 9.49 -0.01
Corn: CH18 3.49 0.00

 

CHS Drayton Cash Prices
Spring Wheat: 6.05 -0.25 basis Jan Delivered Drayton
Winter Wheat: 3.65 -0.75 basis Jan Delivered Drayton
Corn: 2.89 -0.60 basis Jan Delivered Drayton
Soybeans: 8.71 -0.90 basis Jan 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.

 

CHS Drayton: Morning Market Wire (01/10)

Grain markets were nearly unchanged overnight. Following the overnight session, corn is up one cent, soybeans are down two cents, and spring wheat is unchanged.

Corn closed a fraction higher this morning in light, low volume trade.  $3.50 remains a resistance point for March corn.  Large spec funds are estimated short 239k, traders still await short covering.  Brazil’s total corn crop is estimated at 94.5mmt.  USDA’s December estimate was 95mmt.  Corn continues to stay above contract lows ahead of Friday’s reports.

Soybeans were weaker overnight closing two cents lower this morning.  South America weather appears to be much improved with rains expected in Argentina.  Brazil production is estimated at 111.8mmt, up 2.1mmt from its previous estimate.  Look for lower trade today with pressure from improving weather in South America and an increasing production estimate.

Spring wheat closed a fraction lower this morning after trading a narrow one cent range overnight.  Australia’s Bureau of Statistics estimated their 2016/17 wheat crop at 30.363mmt while USDA’s December report is at 33.5mmt.  The 2017/18 wheat crop that is almost completely harvested is estimated at 21.5mmt.  Look for mostly higher trade today.

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
SX18 (Nov.) $10.29 $10.15 $9.81
CZ18 (Dec.) $4.04 $4.00 $3.83
MWZ18 (Dec.) $6.77 $6.60 $6.36

 

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
0.25 6.35 MWZ18 8/22/2018
0.27 10.20 SX18 10/24/2018
0.09 3.95 CZ18 11/14/2018

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEH18 6.30 0.00
Kansas City HRW: KWEH18 4.40 +0.01
Soybeans: SH18 9.61 -0.02
Corn: CH18 3.49 +0.01

 

CHS Drayton Cash Prices
Spring Wheat: 6.05 -0.25 basis Jan Delivered Drayton
Winter Wheat: 3.65 -0.75 basis Jan Delivered Drayton
Corn: 2.89 -0.60 basis Jan Delivered Drayton
Soybeans: 8.71 -0.90 basis Jan 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.

 

CHS Drayton: Morning Market Wire (01/08)

Grain markets were lower overnight. Following the overnight session, corn had no change, soybeans are down three cents, and spring wheat is one cent lower.

Corn was unchanged this morning in light, uneventful trade.  Corn remains range bound as news is scarce.  March corn only traded a 3.50 to 3.54 cent range last week.  Short term support is at $3.50 with the contract low at $3.46.  With little supportive news expect a weaker tone today.

Soybeans traded lower overnight with the March contract trading a six cent range overnight.  Scattered rains of less than one inch occurred over the Argentina and southern Brazil over the weekend.  Another front is expected late in the week.  USDA report this Friday, it appears expectations are for an increase in U.S carryout.  Look for weaker trade today.

Spring wheat traded lower overnight on continued spreading of KC and Chicago markets.  Some in the trade still worry more about cold temps than the dryness in the U.S.  We won’t know the full extent of any damage until spring. Even then, good conditions can overcome some of the damage.  Look for slightly lower trade today.

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
SX18 (Nov.) $10.32 $10.20 $9.83
CZ18 (Dec.) $4.06 $4.00 $3.84
MWZ18 (Dec.) $6.70 $6.55 $6.30

 

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
0.25 6.30 MWZ18 8/22/2018
0.28 10.25 SX18 10/24/2018
0.09 3.95 CZ18 11/14/2018

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEH18 6.25 -0.01
Kansas City HRW: KWEH18 4.33 -0.04
Soybeans: SH18 9.67 -0.03
Corn: CH18 3.51 0.00

 

CHS Drayton Cash Prices
Spring Wheat: 6.00 -0.25 basis Jan Delivered Drayton
Winter Wheat: 3.73 -0.60 basis Jan Delivered Drayton
Corn: 2.91 -0.60 basis Jan Delivered Drayton
Soybeans: 8.77 -0.90 basis Jan 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.

 

CHS Drayton: Morning Market Wire (01/04)

Grain markets were lower overnight. Following the overnight session, corn is down one cent, soybeans are down three cents, and spring wheat is two cents lower.

Corn was weaker overnight as price movement remains range bound. The March contract has traded from $3.46 to $3.60 over the last 60 days.  Technically, March corn has its 50 day moving average at $3.54.  USDA will release the January WASDE report next week on January 12th.  Last month’s carryout was estimated at 2.437bb.  Look for steady to lower today as we trade the high end of the range.

Soybeans traded lower overnight closing at the overnight low of $9.65.  Technical support is at the 10 day moving average of $9.64 then at last week’s low of $9.54.  Resistance is at last week’s high of $9.76.  Argentina and Brazil are on the dry side but the six to ten forecast shows a good chance for rains.  Look for slightly lower trade today as the market awaits next week’s USDA report.

Spring wheat traded lower the entire night closing this morning down two cents.  Wheat markets drift lower as concern about the potential impact of the recent cold temperatures on the U.S wheat crop begin to diminish.  Dryness is likely to be more critical in the coming months as the U.S drought monitor continues to show a drought with increasing severity.  Look for mostly lower trade today.

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
SX18 (Nov.) $10.29 $10.20 $9.82
CZ18 (Dec.) $4.07 $4.00 $3.85
MWZ18 (Dec.) $6.70 $6.60 $6.36

 

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
0.25 6.35 MWZ18 8/22/2018
0.25 10.25 SX18 10/24/2018
0.08 3.95 CZ18 11/14/2018

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEH18 6.17 -0.02
Kansas City HRW: KWEH18 4.38 -0.02
Soybeans: SH18 9.65 -0.03
Corn: CH18 3.52 -0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.87 -0.30 basis Jan Delivered Drayton
Winter Wheat: 3.78 -0.60 basis Jan Delivered Drayton
Corn: 2.92 -0.60 basis Jan Delivered Drayton
Soybeans: 8.70 -0.95 basis Jan 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.

 

CHS Drayton: Morning Market Wire (01/03)

Market Summary

Grain markets were mostly higher overnight. Following the overnight session, corn had no change, soybeans are up four cents, and spring wheat is four cents higher.

Corn closed a fraction higher this morning as the market continues to trade a tight range.  March corn continues to near its 50 day moving average as tech buying/short covering offer support.  Corn export inspections were in line with expectations yesterday at 639.9 tmt.  They are down 38.2% from last year.  The USDA is projecting a 16% decline in exports this year.  Look for slightly higher trade today as the market trades the higher end of the range.

Soybeans traded higher overnight, closing just below the session high of $9.70.  Recent rains have led to improvement to soil moisture across much of Argentina, though dryness is still a concern in some areas.  Forecasts show dryness for Argentina, but the northern parts of Brazil are supported by rains in the next 10 days.  Look for higher trade today on extended weather concerns in Argentina.

Spring wheat traded higher overnight on concerns of cold temps and the possibilities of any damage to the winter wheat crop.  Cold temps have had a negative impact, but measurable, permanent damage won’t be known with any certainty until spring.  Look for slightly higher today on weather concerns.

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
SX18 (Nov.) $10.33 $10.20 $9.86
CZ18 (Dec.) $4.09 $4.00 $3.86
MWZ18 (Dec.) $6.70 $6.60 $6.38

 

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
0.28 6.35 MWZ18 8/22/2018
0.30 10.25 SX18 10/24/2018
0.12 3.95 CZ18 11/14/2018

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEH18 6.22 +0.04
Kansas City HRW: KWEH18 4.38 +0.03
Soybeans: SH18 9.69 +0.04
Corn: CH18 3.53 0.00

 

CHS Drayton Cash Prices
Spring Wheat: 5.92 -0.30 basis Jan Delivered Drayton
Winter Wheat: 3.78 -0.60 basis Jan Delivered Drayton
Corn: 2.93 -0.60 basis Jan Delivered Drayton
Soybeans: 8.74 -0.95 basis Jan 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.

 

CHS Drayton: Morning Market Wire (12/28)

Market Summary

Grain markets were slightly lower overnight. Following the overnight session, corn is down one cent, soybeans are down two cents, and spring wheat is one cent lower.

Corn traded weaker the entire overnight session as it appears the March contract has found resistance at the 50 day moving average of $3.55.  The next level of major support is at the contract low of $3.46.  Argentina continues to get scattered rains as the dry areas shrink noticeably, but the extended weather pattern is far from perfect.  Look for one to two cents weaker today.

After rallying for 3 days straight, soybeans pulled back yesterday and again overnight, weaker products pushed the market lower.  South America weather continues to improve.  Brazil estimates are on the rise with some thinking production could be close to last year’s record production.  Look for continued weakness today.

Spring wheat traded two sided overnight in light, low volume trade.  The March contract traded a four cent range overnight.  Bullish traders still show concerns over the impact of cold temps on the U.S winter wheat crop.  But we won’t know for months how it fared through the winter.  Early calls are steady to two cents lower.

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
SX18 (Nov.) $10.23 $10.10 $9.78
CZ18 (Dec.) $4.09 $4.05 $3.86
MWZ18 (Dec.) $6.69 $6.60 $6.37

 

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
0.28 6.35 MWZ18 8/22/2018
0.29 10.15 SX18 10/24/2018
0.13 3.95 CZ18 11/14/2018

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEH18 6.20 -0.01
Kansas City HRW: KWEH18 4.24 -0.01
Soybeans: SH18 9.65 -0.02
Corn: CH18 3.53 -0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.85 -0.35 basis Dec Delivered Drayton
Winter Wheat: 3.64 -0.60 basis Dec Delivered Drayton
Corn: 2.88 -0.65 basis Dec Delivered Drayton
Soybeans: 8.68 -0.97 basis Dec 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.

 

CHS Drayton: Morning Market Wire (12/20)

Grain markets were mixed overnight. Following the overnight session, corn had no change, soybeans are up three cents, and spring wheat is one cent lower.

Corn traded higher overnight after the March contract has hit the contract low of $3.46 the last three days in a row.  We continue to see modestly light volumes as we head into the holiday weekend.  Large spec funds remain net short an estimated 235k, open interest increased 11,500 yesterday.  Look for continued light trade as March corn traded a two cent range yesterday and just a ¾ cent range overnight.

Soybeans closed three cents higher this morning after two sided trade overnight.  South American weather views seem to vary as some feel everything is adequate, and others still talk dryness.  Look for limited upside today as news seems to be bearish with favorable South American forecast and slow U.S exports.

Spring wheat closed a penny lower this morning after trading a three cent range overnight.  The U.S wheat market seems to be all about the threat of dryness and cold temps affecting the winter wheat crop.  Look for mostly lower trade today on a lack of fresh news.

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
SX18 (Nov.) $10.29 $10.15 $9.80
CZ18 (Dec.) $4.04 $3.90 $3.81
MWZ18 (Dec.) $6.71 $6.55 $6.32

 

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
0.27 6.35 MWZ18 8/22/2018
0.29 10.20 SX18 10/24/2018
0.13 3.90 CZ18 11/14/2018

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEH18 6.17 -0.01
Kansas City HRW: KWEH18 4.18 -0.01
Soybeans: SF18 9.59 +0.03
Corn: CH18 3.47 0.00

 

CHS Drayton Cash Prices
Spring Wheat: 5.82 -0.35 basis Dec Delivered Drayton
Winter Wheat: 3.58 -0.60 basis Dec Delivered Drayton
Corn: 2.82 -0.65 basis Dec Delivered Drayton
Soybeans: 8.69 -0.90 basis Dec 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.

 

CHS Drayton: Morning Market Wire (12/18)

Market Summary

Grain markets were higher overnight. Following the overnight session, corn is up one cent, soybeans are up two cents, and spring wheat is three cents higher.

Corn closed a fraction higher this morning, finding support overnight at last week’s low of $3.46.  Argentina received very decent rains across 70% of its growing region over the weekend.  AgRural estimates the 2018 Brazil corn crop at 84.1mmt, well below this year’s 97.6mmt and the current USDA estimate of 95mmt.  Look for slightly higher trade today but upside still looks capped at $3.50.

Soybeans closed two cents higher this morning with the January contract trading a seven cent range.  The January contract was able to bounce of the technical support level at the Oct low of $9.63.  Resistance is at the 100 day moving average of $9.78.  Argentina saw good rains over the weekend for about 70% of the country.  More rains are in the forecast, but 6-10 day forecast is drier.  Look for slightly higher trade today despite good rains in Argentina.

Spring wheat closed three cents higher this morning two cents off the overnight high of $6.25.  Short term support is at the 10 day moving average at $6.15 then $6.05.  Resistance is at $6.31 then $6.35.  Look for the market to begin the week up 4-5 cents, as a weaker U.S dollar is offering support.

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
SX18 (Nov.) $10.39 $10.20 $9.88
CZ18 (Dec.) $4.03 $3.90 $3.80
MWZ18 (Dec.) $6.79 $6.60 $6.38

 

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
0.27 6.40 MWZ18 8/22/2018
0.31 10.30 SX18 10/24/2018
0.13 3.90 CZ18 11/14/2018

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEH18 6.23 +0.03
Kansas City HRW: KWEH18 4.21 +0.03
Soybeans: SF18 9.69 +0.02
Corn: CH18 3.48 +0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.88 -0.35 basis Dec Delivered Drayton
Winter Wheat: 3.61 -0.60 basis Dec Delivered Drayton
Corn: 2.83 -0.65 basis Dec Delivered Drayton
Soybeans: 8.72 -0.97 basis Dec 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.

 

 

 

CHS Drayton: Morning Market Wire (12/14)

Grain markets were mixed overnight. Following the overnight session, corn is up one cent, soybeans are down four cents, and spring wheat is five cents higher.

Corn closed a fraction higher this morning as the March contract traded a narrow one cent range overnight.  Technically, March corn appears to have overhead resistance at $3.50 and support at the contract low of $3.47.  New crop corn futures are now well below $4.00 but you can still get $4.00+ with a compass contract… Weekly export sales estimates are 700tmt to 1.2mmt.  Actual sales are 867tmt.  Look for choppy directionless trade today.

Soybeans traded lower overnight on forecasts for beneficial rains this weekend and into next week.  Ideas that Brazil may see a soybean crop as big as last year continues to pressure the market.  Technically, a close below $9.76 Jan futures opens the window for a slide to the recent low of $9.67 on 11/14 and $9.63 on 10/3.  Look for lower trade on a wetter outlook and big crop ideas.

Spring wheat traded higher overnight on short covering, increased business, and dry weather in the Southern Plains area.  Forecasts for cooler temperatures next week has raised concerns of possible damage to the winter wheat crop.  Look for higher trade today on crop concerns in the Southern Plains area.

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
SX18 (Nov.) $10.41 $10.25 $9.93
CZ18 (Dec.) $4.04 $3.90 $3.81
MWZ18 (Dec.) $6.74 $6.60 $6.35

 

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
0.28 6.35 MWZ18 8/22/2018
0.29 10.35 SX18 10/24/2018
0.13 3.90 CZ18 11/14/2018

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEH18 6.17 +0.05
Kansas City HRW: KWEH18 4.19 +0.03
Soybeans: SF18 9.75 -0.04
Corn: CH18 3.49 +0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.77 -0.40 basis Dec Delivered Drayton
Winter Wheat: 3.59 -0.60 basis Dec Delivered Drayton
Corn: 2.79 -0.70 basis Dec Delivered Drayton
Soybeans: 8.75 -1.00 basis Dec 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%

+.12 cents ea. 1/5 from 14.0% to 15.0%

+.10 cent bump at 15.0%

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