Posts By: Eric Peterson

Morning Market Wire

Thursday January 5, 2022                                               By: Eric Peterson

Corn traded higher overnight as the March contract attempts to rebound after seeing a $6.85 to $6.52 range so far this week.  Weather so far seems to be favorable.  Argentina weather impacts have been more harmful than beneficial as production forecasts have been sliding lower.  Look for slightly higher trade today as commodity markets could see a friendlier environment today with crude oil higher.      

Soybeans saw light two sided trade overnight as news remains light and uneventful. Soybeans seem to be taking a breather after this weeks selling pressure.  March soybeans continue to stay above $14.50 without testing that level since early December.  Look for mostly quiet trade today as futures stay above the major moving average support.   

Spring wheat saw small gains overnight as we see a small recovery from recent losses.  Overall prices remain choppy and price direction controlled by money flow.  Black Sea exports still loom over the wheat market, but some bargain buyers are showing up this morning.  Look for slightly higher trade today after the recent sell off.         

Old Crop PremiumNew Crop TargetTrigger Date
0.2510.00 MWU238/25/23
0.4315.00 SX2310/19/23
0.266.60 CZ2311/25/23

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.

Morning Market Wire

Friday December 9, 2022                                               By: Eric Peterson

Corn traded higher overnight with the March contract closing at the session high of $6.47.  Prices continue to consolidate, with March corn staying in an approximate trading range of $6.50 to $6.40.  The USDA’s WASDE report later this morning is expected to show an increase in ending stocks to 1.237 billion bushels vs. 1.182 billion in November due to lower demand.  Look for higher trade to start the day as all eyes will be on today’s report. 

Soybeans were mixed overnight with the January contract trading a ten cent range.  January soybeans got up to $14.92 overnight and is at the highest levels it has been since late September.  The market is expecting the U.S ending stocks to grow from 220 million bushels in November to 238 million bushels for today’s WASDE report.  Look for mostly mixed trade to begin the day.           

Spring wheat was slightly higher overnight as the market seems to be bouncing after possibly being oversold. March wheat has found support after breaching $9.00 this week.  The market is expecting an increase to 576 million bushels in today’s report up from 571 million bushels in November.  Look for slightly higher trade leading up to today’s report.     

Old Crop PremiumNew Crop TargetTrigger Date
0.2511.00 MWU238/25/23
0.5015.00 SX2310/19/23
0.236.60 CZ2311/25/23

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.

Morning Market Wire

Friday November 11, 2022                                               By: Eric Peterson

Corn is starting the day slightly higher with the December contract trading eight cent range overnight.  The market found some buying support overnight as fresh news remains light.  Corn commitments as a percentage of the USDA’s target for the year sit at 26.9%, the lowest going to back to 1990.  Look for higher trade today on a strong crude oil market.       

Soybeans are double digits higher this morning, erasing the losses from Thursday.  Export sales came in at 29.2 million bushels, well above the 20.2 million needed per week to hit the USDA target.  Total commitments are close to being in line with last year.  The soybean market is expected to remain strong as South American weather remains dry.          

Spring wheat closed five cents higher this morning with the December contract trading a relatively narrow eight cent range. U.N. and Russian officials are expected to meet today to discuss the export deal extension.  The market will likely chase the headlines.  U.S wheat remains a premium to the rest of the world market but we did exceed the sales amount needed per week to hit the USDA target.   

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.

Morning Market Wire

Wednesday November 9, 2022                                               By: Eric Peterson

Corn closed two cents lower this morning on positioning ahead of the 11am USDA report.  Many traders are expecting yield, production, and carryout to be slightly higher.  December corn has dipped toward the 200 day moving average of $6.64.  It hasn’t traded below its 200 day moving since Aug 22nd.  Look for mostly lower trade ahead of today’s report.      

Soybeans were weaker overnight on lower soybean oil and higher meal.  Weather maps for Argentina continue to trend wetter for next week which could provide some needed relief and allow planting to begin.  Soybeans are expected to remain strong on good demand and poor weather in South America.        

Spring wheat traded both sides overnight but turned lower around 7am.  Today’s report is expected to show only minor changes to the balance sheet.  France cut its wheat export forecast lower by 100,000MT.  The market is expected to remains volatile as demand is slow.    

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 BonusDaily Price PlusFutures at 8:00am
SX23 Oct23$14.18$14.05$13.86
CZ23 Oct23$6.50$6.35$6.17
MWU23 Sept23$9.65$9.55$9.42
Old Crop PremiumNew Crop TargetTrigger Date
0.4511.00 MWU238/25/23
0.4515.00 SX2310/19/23
0.307.00 CZ2311/25/23

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.

Morning Market Wire

Corn remains slightly lower to start the week.  The November WASDE report is November 9th at 11:00am.  Private estimates of corn and soybeans production are higher ahead of Wednesday’s report.  Argentina corn planting progress is 23% complete vs. 39% last year because of a dry start to the growing season.  Look for the rangebound trade to continue.    

Soybeans were mixed overnight with support from strength in the meal and soy oil markets.  Demand remains strong on news that China has agreed to contract to buy 10mmt of soybeans, additional details were not given.  Look for mostly higher trade today as demand is good in the short term.      

Spring wheat was lower once again last night and has basically erased and any recent price gains.  The market continues to be fixated on headlines out of Russia/Ukraine.  Russia is now allowing Ukraine to export but no talk of an extension.  Look for mostly lower trade today as there seems to be very little supportive news this morning. 

Price Builder BonusDaily Price PlusFutures at 8:00am
SX23 Oct23$14.25$14.10$13.97
CZ23 Oct23$6.60$6.40$6.22
MWU23 Sept23$9.70$9.60$9.50
Old Crop PremiumNew Crop TargetTrigger Date
0.45$11.00 MWU238/25/23
0.45$15.00 SX2310/19/23
0.30$7.00 CZ2311/25/23

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.

Morning Market Wire

Friday October 28, 2022                                               By: Eric Peterson

Corn closed two cents lower overnight with the December contract trading a narrow three cent range overnight.  Technical support is at the 50 day moving average of $6.76.  The past nine sessions have traded a range from $6.74 to $6.89.  Mexico plans to reduce their corn imports from the U.S by half and look to source their needs directly from farmers in the U.S and South America.  Look for lower trade today on demand concerns.    

Soybeans were two sided overnight and turned lower early this morning.  Prices drew pressure from concerns of slowing demand after recent interest from China and Unknown.  November soybeans saw a fifteen cent range overnight with a weekly range from $13.66 to $13.97.  Look for lower trade on spillover weakness in other markets and demand concerns. 

Spring wheat was lower overnight on stronger U.S dollar and improved conditions for the U.S and Argentina wheat areas.  Recent rain events across the Southern Plains have been beneficial to the newly planted winter wheat.  Look for lower trade on strength in the U.S dollar. 

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 BonusDaily Price PlusFutures at 8:00am
SX23 Oct23$13.85$13.70$13.48
CZ23 Oct23$6.60$6.40$6.19
MWU23 Sept23$9.65$9.50$9.31
Old Crop PremiumNew Crop TargetTrigger Date
0.4511.00 MWU238/25/23
0.4515.00 SX2310/21/23
0.307.00 CZ2311/25/23

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.

Morning Market Wire

Tuesday October 25, 2022                                               By: Eric Peterson

Corn traded lower overnight on light demand for U.S corn and decent harvest progress.  $7.00 appears to be overhead resistance, the recent 4 month high is $7.06.  Corn harvest was reported at 61% complete, compared to 45% last week and 52% on average.  Look for lower trade today on harvest progress and slow export business. 

Soybeans closed unchanged this morning with the November contract trading an eleven cent range.  The market was slightly firmer overnight on recent increased demand, however gains were limited from rapid harvest progress.  Soybean harvest is 80% complete compared to 63% last week and a five year average of 67%.  Look for higher trade today on improved export demand for U.S soybeans.        

Spring wheat was lower overnight with the December contract closing seven cents lower.  The market was under pressure after another dismal week of export sales, ongoing shipments from Ukraine, and forecasts for beneficial rains across the southern plains.  Winter wheat seedings were reported at 79% complete compared to 69% last week.  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 BonusDaily Price PlusFutures at 8:00am
SX23 Oct23$13.85$13.70$13.45
CZ23 Oct23$6.60$6.40$6.20
MWU23 Sept$9.75$9.50$9.43
Old Crop PremiumNew Crop TargetTrigger Date
0.4511.00 MWU238/25/23
0.4515.00 SX2310/21/23
0.307.00 CZ2311/15/23

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.

Morning Market Wire

Monday October 24, 2022                                               By: Eric Peterson

Corn traded lower overnight as the market consolidates in a relatively narrow trading range.  Technical resistance remains above at $7.00 with support around $6.50.  Harvest progress is expected to come in at 60% this afternoon after a big harvest week.  Look for a weaker tone today on harvest progress, a stronger U.S dollar and weakness in crude oil.        

Soybeans traded lower overnight on a weaker energy market and other related oil markets.  The market continues to see overhead resistance at $14.00 support seems to be below at $13.50 near a gap.  Look for weaker trade today on weakness in the energy and China markets as well a strong U.S dollar.      

Spring wheat closed five cents lower overnight just off the session low.  $9.30 to $9.75 continues to be the trading range.  The U.S remains critically dry in much of the winter wheat areas, but radar shows some rain and snow to start the week.  Look for a weaker tone today on U.S dollar strength as well as talk of extending the safe passage for Ukraine shipments via the Black Sea Region.        

Price Builder BonusDaily Price PlusFutures at 8:00am
SX23 Oct23$13.85$13.70$13.53
CZ23 Oct23$6.60$6.40$6.21
MWU23 Sept23$9.75$9.50$9.36
Old Crop PremiumNew Crop TargetTrigger Date
0.4511.00 MWU238/25/23
0.4515.00 SX2310/21/23
0.307.00 CZ2311/25/23

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.

Morning Market Wire

Corn was two sided overnight with the December contract on both sides of the $7.00 mark.  The USDA will release their October WASDE report tomorrow at 11am.  The average corn estimate is 13.885 billion bushels compared to 13.944 billion last month.  Yield is expected to come in at 171.8 bpa compared to 172.5bpa last month.  After breaking out on big volume yesterday, look for the market be a little quieter ahead of tomorrow’s report. 

Soybeans were two sided overnight with the November contract trading a seventeen cent range.  U.S harvest hits hard as some areas begin to wind down.  On tomorrow’s USDA report the experts are predicting U.S production and yield to drop.  Look for slightly lower trade today as soybeans couldn’t hold on to yesterday’s gains, getting pressure from oil markets. 

Spring wheat traded mostly lower the entire night on profit taking after yesterday’s rally.  Russia and the escalation in Ukraine continues to provide underlying support.  There doesn’t seem to be more escalation in Ukraine this morning, so wheat is pulling back from yesterday’s rally.    

Old Crop PremiumNew Crop TargetTrigger Date
0.4511.00 MWU238/25/23
0.4515.00 SX2310/21/23
0.357.00 CZ2311/25/23

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.

Morning Market Wire

Wednesday Sept 28, 2022                                               By: Eric Peterson

Corn opened slightly lower on the overnight and has traded in a narrow range during the night.  Corn is the strongest it has been in over 10 years for this time of year.  Russia is trying to permanently occupy some major regions of Ukraine, if successful, Russia corn production will go up.  Look for mixed trade today as harvest is ramping up and outside markets turn lower.      

Soybeans were lower this morning as harvest is picking up across the Plains.  November soybeans are getting closer to the $14.00 mark the September 8th low is $13.73.  Planting in Brazil is off to go good start and is helped by timely rains.  Look for mostly lower trade today on harvest pressure.       

Spring wheat closed nine cents higher this morning, just off the overnight high of $9.56.  All three wheat class were higher overnight with the KC market leading the way, not far from its highest price in three months.  Wheat remains volatile as global tensions remain high and uncertainty about the global wheat supply. 

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.

© 2023 CHS Inc. | Cookie Preferences