Friday May 13, 2022 By: Eric Peterson
Corn traded slightly higher overnight, holding support from yesterday’s higher trade in response to the WASDE report numbers. The USDA pegged 22/23 corn production at 14.46 billion bushels vs 14.773 billion estimate. Corn yield estimate is 177 bushels/acre compared to the average estimate of 181 bpa. Look for higher trade today, holding support from yesterday as the December 22 contract made new highs overnight.
Soybeans traded higher overnight following the strength in the soybean meal and oil. Yesterday’s WASDE report came in line with market expectations for the most part. The ending stocks for new crop were estimated at 310 million bushels compared to 235 million last year. 2022/23 production and yield came in close to the trade estimate at 4.64 billion bushels vs 4.613 billion estimate, yield 51.5 bushels vs 51.4 bpa estimate. Look for mostly higher trade today.
Spring wheat traded higher overnight with Minneapolis July wheat closing 7 cents higher. The market continues to climb as much of ND and Northwest MN get more rain yesterday, continuing to delay planting. Winter wheat production is estimated at 590 million bushels below the 685 million estimate and would be the smallest crop since 1963. Look for steady to 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 8:00am|
|Old Crop Premium||New Crop Target||Trigger Date|
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