CHS Drayton: Morning Market Wire (10/22)

Corn traded slightly higher overnight on light technical trading.  The December contract has seemed to find support at the 50 day moving average of $3.65.  Funds have moved from net short 112k on Sept 25th to a net long of 20k on Oct. 16th.  It was a clear weekend for harvest, and the 7 day forecasts is mostly dry as well, with only short delays expected in Iowa and N Illinois.  Today’s progress report is expected to show corn harvest at 50% complete.

Soybeans saw light two sided trade overnight despite a relatively heavy harvest weekend in the western corn belt.  The November contract has found support at the 50 day moving average of $8.55.  Brazil is now reported at 34% planted, ahead of the five year average of 18%.  Look for mostly lower trade today as trade news remains mostly quiet and soybean exports fall farther behind.

Spring wheat closed a fraction lower this morning led by weakness in Kansas City and Chicago markets.  With drier weather, Alberta reports spring wheat harvest at 60% complete.  Russian wheat exports totaled 4.46mmt in September, above estimates of 4.0mmt.  Look for mixed to lower trade today as the market awaits buyers to show up, or at least a headline about Russian export restrictions.

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
SK19 (May) $9.46 $9.15 $8.98
CK19 (May) $4.04 $3.95 $3.87
MWK19 (May) $6.30 $6.15 $6.08

 

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
0.22 6.45 MWZ19 11/20/2019
0.26 9.70 SX19 10/23/2019
0.13 4.10 CZ19 11/20/2019

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ18 5.88 0.00
Kansas City HRW: KWEZ18 5.12 -0.03
Soybeans: SX18 8.58 +0.01
Corn: CZ18 3.68 +0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.22 -0.63 basis Oct Delivered Drayton
Winter Wheat: 4.34 -0.80 basis Oct Delivered Drayton
Corn: 3.03 -0.67 basis Oct Delivered Drayton
Soybeans: 7.04 -1.60 basis Oct Delivered Drayton

 

Spring Wheat Protein Scales

-.03 cents ea. 1/5 down from 14.0% to 13.0%

-.03 cents ea. 1/5 down from 13.0% to 12.0% (Max -0.40)

+.02 cents ea. 1/5 from 14.0% to 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 (10/19)

CHS Drayton will be dumping only corn and soybeans.  No wheat now.

FOR SALE: 10×70 Farm King Auger. Please call office for details.

Corn closed nearly unchanged this morning with the December contract trading a narrow two cent range overnight.  December corn closed yesterday below the 100 day moving average of $3.71 and stayed below that level overnight.  The market is expected to trade a tight range from $3.60 to Monday’s high of $3.78 in the short term with harvest adding pressure but strong demand providing underlying support.

Soybeans closed a penny lower this morning after closing down over twenty cents yesterday.  The market was weaker yesterday on poor export sales this week and ramping up of harvest progression.  November soybeans lost all their gains from the October 15th rally, not seeing a 20 plus cent drop since August 10th.  The soybeans that were hit with large rains and snow are getting dry enough to harvest again and quality will be the focus going forward.

Spring wheat traded slightly weaker overnight as the market sees little if any fresh news.  Saskatchewan is at 72% harvested on spring wheat versus 65% last week.  Canadian prairies have had a large amount of snow slowing their harvest but should make good progress this week as forecasts look favorable.

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
SK19 (May) $9.48 $9.25 $9.04
CK19 (May) $4.05 $4.00 $3.89
MWK19 (May) $6.26 $6.21 $6.01

 

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
0.24 6.40 MWZ19 11/20/2019
0.34 9.55 SX19 10/23/2019
0.13 4.10 CZ19 11/20/2019

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ18 5.85 0.00
Kansas City HRW: KWEZ18 5.14 -0.01
Soybeans: SX18 8.64 +0.01
Corn: CZ18 3.70 0.00

 

CHS Drayton Cash Prices
Spring Wheat: 5.22 -0.63 basis Oct Delivered Drayton
Winter Wheat: 4.34 -0.80 basis Oct Delivered Drayton
Corn: 3.03 -0.67 basis Oct Delivered Drayton
Soybeans: 7.04 -1.60 basis Oct Delivered Drayton

 

Spring Wheat Protein Scales

-.03 cents ea. 1/5 down from 14.0% to 13.0%

-.03 cents ea. 1/5 down from 13.0% to 12.0% (Max -0.40)

+.02 cents ea. 1/5 from 14.0% to 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 (10/18)

CHS Drayton will be dumping only corn and soybeans.  No wheat now.

FOR SALE: 10×70 Farm King Auger. Please call office for details.

Corn trade was weaker overnight as harvest is in full swing in many areas.  U.S weather for the most part appears wide open, especially for the western Corn Belt.  Despite this, prices have remained above the 100 day moving average of $3.71 for the past three days.  Look for steady to lower trade on harvest pressure.

Soybeans closed down nine cents this morning just above the overnight low of $8.75.  Weakness came overnight with harvest progress being made and negative technicals.  Both China and the U.S have said a meeting regarding tariffs at the G20 summit in November may not happen.  Exports to Argentina are not increasing as logistics in Argentina are unable to handle much more, currently.  Look for mostly lower trade today on continued harvest pressure.

Spring wheat closed a fraction lower this morning after two sided trade overnight.  News hasn’t really changed as many await Russia export restrictions to begin at some point.  Currently, U.S wheat is more expensive than Russian wheat, keeping the U.S export pace slow.  Look for slightly lower trade today as the U.S works toward completing winter wheat seeding.

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
SK19 (May) $9.45 $9.35 $9.15
CK19 (May) $4.10 $4.00 $3.90
MWK19 (May) $6.27 $6.22 $6.05

 

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
0.24 6.40 MWZ19 11/20/2019
0.33 9.70 SX19 10/23/2019
0.16 4.05 CZ19 11/20/2019

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ18 5.87 -0.01
Kansas City HRW: KWEZ18 5.19 -0.02
Soybeans: SX18 8.76 -0.09
Corn: CZ18 3.70 -0.03

 

CHS Drayton Cash Prices
Spring Wheat: 5.24 -0.63 basis Oct Delivered Drayton
Winter Wheat: 4.39 -0.80 basis Oct Delivered Drayton
Corn: 3.03 -0.67 basis Oct Delivered Drayton
Soybeans: 7.16 -1.60 basis Oct Delivered Drayton

 

Spring Wheat Protein Scales

-.03 cents ea. 1/5 down from 14.0% to 13.0%

-.03 cents ea. 1/5 down from 13.0% to 12.0% (Max -0.40)

+.02 cents ea. 1/5 from 14.0% to 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 (10/17)

CHS Drayton will be dumping only corn and soybeans.  No wheat right now.

Corn closed a penny lower this morning with the December contract trading a wide three cent range.  Pressure came overnight as the U.S dollar rallies and harvest continues to make strong strides.  The forecasts continue to call for dry weather, but temperatures will be below normal.  The yield estimate for the next USDA S&D report on November 8th is expected to be lower than October’s 180.7 after the excessive rains in parts of the corn belt.  Look for lower trade today on harvest

Soybeans trade was lower overnight as harvest picks up in the western corn belt after the recent weather delay.  The next week or two appears more wide open for harvest activity which should allow for the U.S farmer to reach or exceed the normal pace.  There are 2 U.S soybean vessels destined for China but are likely to be diverted to elsewhere.  Argentina soybean exports to China continue to grow but they have yet to export any soybean meal to China.  Look for mostly lower trade today on harvest pressure.

Spring wheat traded lower overnight with the December contract closing near the session low of $5.92.  Overnight weakness was led by Kansas City and Chicago markets as the seeding window appears wide open to make good progress.  It also appears winter wheat acres will increase year over year.  Look for mostly steady to 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 8:00am
SK19 (May) $9.66 $9.45 $9.22
CK19 (May) $4.09 $4.00 $3.92
MWK19 (May) $6.29 $6.24 $6.08

 

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 6.45 MWZ19 11/20/2019
0.34 9.75 SX19 10/23/2019
0.16 4.05 CZ19 11/20/2019

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ18 5.93 -0.03
Kansas City HRW: KWEZ18 5.22 -0.06
Soybeans: SX18 8.83 -0.01
Corn: CZ18 3.74 -0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.30 -0.63 basis Oct Delivered Drayton
Winter Wheat: 4.42 -0.80 basis Oct Delivered Drayton
Corn: 3.07 -0.67 basis Oct Delivered Drayton
Soybeans: 7.23 -1.60 basis Oct Delivered Drayton

 

Spring Wheat Protein Scales

-.03 cents ea. 1/5 down from 14.0% to 13.0%

-.03 cents ea. 1/5 down from 13.0% to 12.0% (Max -0.40)

+.02 cents ea. 1/5 from 14.0% to 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 (10/16)

Corn opened the overnight session gapping a penny lower after closing four cents higher yesterday, and hitting highs not seen since August.  The next point of technical resistance is the Aug. 17th high of $3.82. The USDA pegged corn harvest at 39% complete compared to the five year average of 35%.  Look for lower trade today as the weather forecasts looks to allow for increased harvest activity over the next week.

Soybeans traded lower overnight after yesterday’s 24 cent rally set a seven week high.  The market found strength yesterday on spillover strength from the soymeal market and wet/snowy weather across much of the Midwest. Soybean harvest is well behind the average at 38% complete due to delays in the states of the Western Corn Belt.  Harvest in these areas will pick up this week with dry weather in the forecast.  Look for lower trade today on technical selling.

Spring wheat trade was weaker overnight as the choppy trade continues.  Planting in the winter wheat belt will resume over the next week after heavy rains caused delays and washed out some field already planted.  Canadian harvest is starting to resume as the weather clears in Saskatchewan and Alberta.  Look for mixed trade today as the market remains rangebound.

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
SK19 (May) $9.64 $9.50 $9.23
CK19 (May) $4.11 $4.05 $3.94
MWK19 (May) $6.29 $6.32 $6.11

 

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
0.18 6.50 MWZ19 11/20/2019
0.33 9.75 SX19 10/23/2019
0.17 4.05 CZ19 11/20/2019

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ18 5.99 -0.01
Kansas City HRW: KWEZ18 5.28 -0.03
Soybeans: SX18 8.83 -0.08
Corn: CZ18 3.75 -0.02

 

CHS Drayton Cash Prices
Spring Wheat: 5.36 -0.63 basis Oct Delivered Drayton
Winter Wheat: 4.48 -0.80 basis Oct Delivered Drayton
Corn: 3.15 -0.60 basis Oct Delivered Drayton
Soybeans: 7.26 -1.57 basis Oct Delivered Drayton

 

Spring Wheat Protein Scales

-.03 cents ea. 1/5 down from 14.0% to 13.0%

-.03 cents ea. 1/5 down from 13.0% to 12.0% (Max -0.40)

+.02 cents ea. 1/5 from 14.0% to 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 (10/16)

Corn opened the overnight session gapping a penny lower after closing four cents higher yesterday, and hitting highs not seen since August.  The next point of technical resistance is the Aug. 17th high of $3.82. The USDA pegged corn harvest at 39% complete compared to the five year average of 35%.  Look for lower trade today as the weather forecasts looks to allow for increased harvest activity over the next week.

Soybeans traded lower overnight after yesterday’s 24 cent rally set a seven week high.  The market found strength yesterday on spillover strength from the soymeal market and wet/snowy weather across much of the Midwest. Soybean harvest is well behind the average at 38% complete due to delays in the states of the Western Corn Belt.  Harvest in these areas will pick up this week with dry weather in the forecast.  Look for lower trade today on technical selling.

Spring wheat trade was weaker overnight as the choppy trade continues.  Planting in the winter wheat belt will resume over the next week after heavy rains caused delays and washed out some field already planted.  Canadian harvest is starting to resume as the weather clears in Saskatchewan and Alberta.  Look for mixed trade today as the market remains rangebound.

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
SK19 (May) $9.64 $9.50 $9.23
CK19 (May) $4.11 $4.05 $3.94
MWK19 (May) $6.29 $6.32 $6.11

 

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
0.18 6.50 MWZ19 11/20/2019
0.33 9.75 SX19 10/23/2019
0.17 4.05 CZ19 11/20/2019

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ18 5.99 -0.01
Kansas City HRW: KWEZ18 5.28 -0.03
Soybeans: SX18 8.83 -0.08
Corn: CZ18 3.75 -0.02

 

CHS Drayton Cash Prices
Spring Wheat: 5.36 -0.63 basis Oct Delivered Drayton
Winter Wheat: 4.48 -0.80 basis Oct Delivered Drayton
Corn: 3.15 -0.60 basis Oct Delivered Drayton
Soybeans: 7.26 -1.57 basis Oct Delivered Drayton

 

Spring Wheat Protein Scales

-.03 cents ea. 1/5 down from 14.0% to 13.0%

-.03 cents ea. 1/5 down from 13.0% to 12.0% (Max -0.40)

+.02 cents ea. 1/5 from 14.0% to 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 celebrates National Co-op Month through cooperative education

October is National Co-op Month

The CHS Foundation, funded by charitable gifts from CHS Inc., announced it has awarded more than $440,000 in cooperative education grants to projects that will help students learn about the cooperative business model and what makes cooperatives unique.

“October is National Co-op Month to raise awareness about cooperatives. What better time to celebrate how the CHS Foundation has supported cooperative education projects for more than 20 years?” says Nanci Lilja, president, CHS Foundation. (more…)

CHS Drayton: Morning Market Wire (10/15)

Corn trade was weaker was overnight but remains technically strong as the December contract hangs around its 100 day moving average of $3.73.  The next point of resistance after the 100 day moving average is the August 16th high of $3.82.  This week’s weather looks mostly ok, which should allow for harvest to resume and pick up as the week progresses.  Look for choppy to weaker trade today as harvest activity increases but overall demand remains strong.

Soybeans traded lower overnight as the extended forecast appears to allow drying and resumption of harvest.  It will be important to see how the bean quality come in at the wet areas stretching from Kansas, Missouri and north through Iowa into Minnesota.  China has reported African Swine Fever on 20,000 head hog farm, the largest farm impacted so far, as less meal demand is expected.  Look for mostly steady to lower trade today.

Spring wheat closed a fraction lower this morning after trading a narrow two cent range overnight.  Alberta, Canada reported spring wheat harvest at 56.7% complete compared to 41.9% last week, noting a drop in quality.  U.S struggles with winter wheat seeding, but progress should be made this week.  Look for slightly higher trade as news remains mostly routine.

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
SH19 (Mar.) $9.24 $9.02 $8.94
CH19 (Mar.) $3.93 $3.90 $3.85
MWH19 (Mar.) $6.26 $6.13 $6.01

 

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
0.20 6.45 MWZ19 11/20/2019
0.25 9.80 SX19 10/23/2019
0.14 4.15 CZ19 11/20/2019

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ18 5.95 0.00
Kansas City HRW: KWEZ18 5.24 0.00
Soybeans: SX18 8.67 0.00
Corn: CZ18 3.73 -0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.32 -0.63 basis Oct Delivered Drayton
Winter Wheat: 4.44 -0.80 basis Oct Delivered Drayton
Corn: 3.13 -0.60 basis Oct Delivered Drayton
Soybeans: 7.10 -1.57 basis Oct Delivered Drayton

 

Spring Wheat Protein Scales

-.03 cents ea. 1/5 down from 14.0% to 13.0%

-.03 cents ea. 1/5 down from 13.0% to 12.0% (Max -0.40)

+.02 cents ea. 1/5 from 14.0% to 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 (10/12)

Corn was unchanged overnight after a friendly USDA report yesterday.  Corn prices bounced yesterday after corn yield was decreased .6 bushels per acre to 180.7 bpa for 2018/19.  U.S grain carryout average was estimated at 1.919 billion bushels but fell to 1.813 billion bushels.  December corn hit a high yesterday of $3.73, right below the 100 day moving average of $3.74.  Look for slightly higher trade today after yesterday’s bullish report.

Soybeans traded higher overnight on follow through buying after yesterday’s reaction to the USDA report.  Yesterday’s USDA report showed an increase in soybean yield to 53.1 bushels per acre from the previous estimate of 52.8 bpa.  However, production decreased, due to a decline in harvested acres, to 4.69 billion bushels for 2018/19.  This resulted in a lower soybean carryout from the average trade estimate of 898 million bushels to 885 million bushels.  Look for mostly higher trade today.

Spring wheat traded two sided overnight as the choppy trade continues.  The wheat market fell yesterday on a larger U.S carryout.  The U.S wheat carryout rose six million bushels to 596 million bushels.  We are still seeing market concern in Australia as they have decreased 1.5 million tons to 18.5 million tons for 2018/19 due to dry conditions.  Look for mostly mixed to 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 8:00am
SH19 (Mar.) $9.12 $8.84 $8.90
CH19 (Mar.) $3.89 $3.80 $3.81
MWH19 (Mar.) $6.22 $6.15 $6.00

 

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
0.18 6.45 MWZ19 11/20/2019
0.25 9.80 SX19 10/23/2019
0.13 4.10 CZ19 11/20/2019

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ18 5.91 +0.01
Kansas City HRW: KWEZ18 5.15 +0.02
Soybeans: SX18 8.63 +0.04
Corn: CZ18 3.69 0.00

 

CHS Drayton Cash Prices
Spring Wheat: 5.28 -0.63 basis Oct Delivered Drayton
Winter Wheat: 4.35 -0.80 basis Oct Delivered Drayton
Corn: 3.02 -0.67 basis Oct Delivered Drayton
Soybeans: 7.06 -1.57 basis Oct Delivered Drayton

 

Spring Wheat Protein Scales

-.03 cents ea. 1/5 down from 14.0% to 13.0%

-.03 cents ea. 1/5 down from 13.0% to 12.0% (Max -0.40)

+.02 cents ea. 1/5 from 14.0% to 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 (10/11)

Corn trade was lower overnight, trading lower for the fourth day in a row, bracing for the USDA report today.  The average yield estimate for today’s USDA report is 181.8 bushels per acre, half a bushel higher than last month’s 181.3bpa.  Conab released their estimate for Brazil’s 2018/19 corn crop at 90.409mmt, up 11.9%.  Look for slightly lower trade in front of today’s report.

Soybeans traded lower overnight as the November contract dips below $8.50.  The contract low is at $8.12 from September 19th with the recent high at $8.74 from last week.  Today’s USDA report is expected to show U.S carryout more than double year on year at 898mb for 2018/19.  The average yield estimate is half a bushel higher from last month at 53.3 bushels per acre.  Look for mostly lower trade today as the big U.S supply gets bigger and we continue to do very little business with the world’s largest soybean buyer.

Spring wheat closed a fraction higher this morning with the December contract trading a relatively wide six cent range overnight.  The average carryout estimate on today’s report is 950mb for 2018/19 compared to last month’s 935mb.  Export sales remain mostly routine, however the recent sale to Bangladesh was something new.  Look for mixed to higher trade this morning.

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
SH19 (Mar.) $9.06 $8.84 $8.75
CH19 (Mar.) $3.82 $3.80 $3.72
MWH19 (Mar.) $6.27 $6.15 $6.02

 

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
0.17 6.50 MWZ19 11/20/2019
0.25 9.65 SX19 10/23/2019
0.12 4.05 CZ19 11/20/2019

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ18 5.92 0.00
Kansas City HRW: KWEZ18 5.17 0.00
Soybeans: SX18 8.48 -0.03
Corn: CZ18 3.61 -0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.29 -0.63 basis Oct Delivered Drayton
Winter Wheat: 4.37 -0.80 basis Oct Delivered Drayton
Corn: 2.94 -0.67 basis Oct Delivered Drayton
Soybeans: 6.91 -1.57 basis Oct Delivered Drayton

 

Spring Wheat Protein Scales

-.03 cents ea. 1/5 down from 14.0% to 13.0%

-.03 cents ea. 1/5 down from 13.0% to 12.0% (Max -0.40)

+.02 cents ea. 1/5 from 14.0% to 15.0%

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