Posts By: Eric Peterson

Morning Market Wire

Wednesday April 21, 2021                                               By: Eric Peterson

Corn was higher overnight as the bull market continues with fresh contract highs overnight.  The nearby May contact reached new contract high of $6.14, while December corn traded as high as $5.33, however the market backed off some into the close this morning.  The tight supply situation doesn’t appear to have slowed demand yet.  Look for higher trade today as futures are under some light pressure early this morning after making new highs in the front month.    

Soybeans were stronger overnight with the July contract trading as high as $14.72 and November at $13.08.  The November contract couldn’t quite hit the contract high made yesterday.  Supplies remain tight with decent demand although exports are slowing.  Soybeans are well off their highs this Morning after failing at the same level twice now.  If prices do not hold, we could see a minor correction.    

Spring wheat traded higher overnight but well off the session highs.  Cold temps are across the winter wheat areas and dry concerns across the spring wheat areas seem to be providing support to the market.  Minneapolis wheat seems to be running out of steam technically, but needs to stay competitive to buy acres this spring.      

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
SX21 Oct21 $14.10$13.35$12.96
CZ21 Oct21$5.90$5.55$5.28
MWZ21 Dec21$7.55$7.25$6.87
Old Crop PremiumNew Crop TargetTrigger Date
0.257.60 MWZ2111/19/21
0.3015.00 SX2110/22/21
0.355.60 CZ2111/19/21

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 April 19, 2021                                               By: Eric Peterson

Corn futures opened higher Sunday night, with prices strengthening into the morning.  July futures were as high as eleven cents at one point last night.  New crop corn set new contract highs in the overnight session, reaching $5.20.  Freezing temperatures throughout the corn belt this week are threatening any recently planted corn and are likely contributing to the strength in the market. 

Soybeans found strength overnight with the July contract up fourteen cents at one point.  Soybeans still appear to be in a bull market with U.S weather cooler than normal and not ideal.  November soybeans got within a penny of its contract high of $12.85.  Given the technical and fundamental factors as of late, look for soybeans to continue trading firmer, testing old contract highs. 

Spring wheat traded higher overnight with Kansas City wheat leading the way due to the freezing temps that could severely damage the winter wheat crop.  Minneapolis wheat set new contract highs overnight and will need to continue to trade higher given the current acreage battle.    

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
SX21 Oct21$13.40$13.20$12.81
CZ21 Oct21$5.50$5.35$5.20
MWZ21 Dec21$7.30$7.05$6.86
Old Crop PremiumNew Crop TargetTrigger Date
0.307.20 MWZ2111/19/21
0.1614.80 SX2110/22/21
0.305.40 CZ2111/19/21

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

Thursday April 15, 2021                                               By: Eric Peterson

Corn was stronger overnight with the nearby May contract breaching $6.00 and hitting $6.01.  The December contract made new high at $5.17, the highest the December contract has been since April 9th 2014.  The overall U.S supply situation remains tight at 1.352bb carryout.  The 2021 U.S acres from the March 1 survey were at 91.1 million, which is considered too light and resolving supply.  Look for an upward trend today with the cool, dry conditions in the U.S and dry southern Brazil.        

Soybeans closed a nickel higher this morning as the market seems to be consolidating within a range as corn seems to be in the leadership role.  November soybeans seem to be getting closer the contract high of $12.85.  Look for sideways to higher trade today as the tight stocks are providing plenty of support.  There just isn’t any fresh news to test new highs.

Spring wheat saw strength overnight as spring wheat areas are overall very dry.  Some areas got enough moisture to plant but much more is needed to grow the crop.  Rumors of Chinese purchasing U.S wheat and French wheat has given the domestic and global prices a sharp boost higher this week.  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 BonusDaily Price PlusFutures at 8:00am
SX21 Oct21$13.40$13.20$12.65
CZ21 Oct21$5.32$5.15$5.14
MWZ21 Dec2021$7.30$7.05$6.85
Old Crop PremiumNew Crop TargetTrigger Date
0.307.20 MWZ2111/19/21
0.1614.80 SX2110/22/21
0.305.40 CZ2111/19/21

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 April 14, 2021                                               By: Eric Peterson

Corn traded higher overnight as the bull market continues.  The December contact saw another fresh contract high at $5.10.  Overall global demand remains strong with the robust U.S export program.  Weather forecasts look mostly clear for the Corn Belt with below normal temperatures while the southern portion of Brazil continues to be dry.  Look for strength today as the trend is higher with the cool, dry conditions.             

Soybeans were higher overnight with the July contract closing up seven cents.  Soybean oil is mixed while the soybean meal market is $2/ton higher.  The NOPA crush report is to be released tomorrow.  Expectations are for 179 million bushels, up significantly from February as strong global demand for edible oils is driving the strong crush.  Look for strength today after finding technical support yesterday.          

Spring wheat continued to trade higher overnight with the May contact closing six cents higher.  North Dakota got a mix of snow of rain yesterday for much of the state.  It isn’t enough to ease the drought concerns in the state as the forecasts turn dry again for next week.  Look for mixed trade today as spring wheat areas still have major concerns but winter wheat areas are seeing good moisture conditions.     

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
SX21 Oct21$13.40$13.20$12.59
CZ21 Oct21$5.32$5.15$5.08
MWZ21 Dec21$7.30$7.05$6.75
Old Crop PremiumNew Crop TargetTrigger Date
0.307.20 MWZ2111/19/21
0.1614.80 SX2110/22/21
0.305.40 CZ2111/19/21

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 April 12, 2021                                               By: Eric Peterson

Corn closed unchanged this morning and nine cents off the overnight high of $5.71.  The market still trades the Friday’s USDA report of tighter carryout supply of 1.352bb.  Many U.S corn growing areas have received precipitation in the past week, the largest issue still seems to be the far western corn belt.  Look for strength today as dryness in Brazil is impacting their safrinha crop.         

Soybeans were lower overnight with the July contract trading a wide fifteen cent range.  Pressure came in lower soybean oil prices as they are down around 1.5$.  Soybean oil futures are getting pressured by sharply lower Malaysian palm oil futures.  Look for mostly lower trade today as November soybeans continue to stay within the $12.50 to $12.85 trading range.        

Spring wheat is lower this morning as parts of North Dakota and Northern Minnesota are forecasted to see precipitation over the next couple of days.  The precipitation forecasted for ND this week will likely not be enough to satisfy the drought conditions for much of the state.  Look for weakness today as the global production looks to be in good shape.   

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
SX21 Oct21$13.55$13.20$12.54
CZ21 Oct21$5.32$5.15$4.97
MWZ21 Dec21$7.18$6.95$6.67
Old Crop PremiumNew Crop TargetTrigger Date
0.257.00 MWZ2111/19/21
0.2214.80 SX2110/22/21
0.285.20 CZ2111/19/21

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 April 9, 2021                                               By: Eric Peterson

Corn traded two sided overnight with the December contract reaching a new high of $4.98.  For today’s USDA report, corn ending stocks are estimated at 1.396 billion bushels vs. 1.502 billion last month.  World ending stocks are estimated at 284.2 million metric tonnes.  Look for continued strength today as the funds look to continue to add length.       

Soybeans closed a fraction higher this morning with the July contact trading nine cent range.  The average trade estimate for soybean ending stocks is 119 million bushels vs 120 million last month.  World ending stocks are estimated at 83.4mmt.  Look for narrow two sided trade ahead of the report.      

Spring wheat closed seven cents higher overnight just off the session high of $6.48.  Dryness remains a major concern in the Dakotas, although scattered showers were seen last night.  Today’s report is expected to mostly neutral with the average trade estimate for wheat ending stocks at 847 million bushels, same as last month.  Look for mostly higher trade today as talk of dryness in the Northern Plains increases.    

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
SX21 Oct21$13.65$13.20$12.74
CZ21 Oct21$5.35$5.15$4.98
MWZ21 Dec21$7.23$6.95$6.70
Old Crop PremiumNew Crop TargetTrigger Date
0.257.00 MWZ2111/19/21
0.2214.80 SX2110/22/21
0.285.20 CZ2111/19/21

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 April 7, 2021                                               By: Eric Peterson

Corn traded higher overnight as ranges remain narrow 2-4 cents.  The May contract stayed above its 50 day moving average of $5.47 after testing it last week.  The December contract has a gap below at $4.80 to $4.77 with its 50 day moving average at $4.66.  Export demand and domestic demand both remain strong.  Look for mostly higher trade today.     

Soybeans were higher overnight as the U.S carryout of 120mb remains tight and farmer planting intention surveys were lighter on acres than expected.  The November contract has consolidated near the high end of the trading range with the contract high at $12.85, last week’s low was $11.84.  The average trade estimate for U.S carryout on Friday is 119mb, range of 110 to 135mb, last month was 120mb.  Look for continued strength today.    

Spring wheat was mostly higher overnight although a few contracts saw a brief dip into the negatives. Minneapolis wheat leads the push as the upper Midwest remains very dry with little rain in the nearby forecasts.  The average trade estimate for USDA U.S carryout is 847mb, with a range of 827mb to 872mb.  The USDA was 836mb last month.  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 BonusDaily Price PlusFutures at 8:00am
SX21 Oct21$13.80$13.20$12.73
CZ21 Oct21$5.40$5.25$4.84
MWZ21 Dec21$6.90$6.67$6.42
Old Crop PremiumNew Crop TargetTrigger Date
0.207.00 MWZ2111/19/21
0.2214.80 SX2110/22/21
0.285.20 CZ2111/19/21

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 April 6, 2021                                               By: Eric Peterson

Corn was stronger overnight with the July contract closing just off the overnight high of $5.46.  The December contract hit a new contract high of $4.93 yesterday and will likely test that level today.  Crop progress showed corn at 2% planted, in line with average pace but slightly behind 3% expectations.  Look for mostly higher trade today as both the July and December contracts have bounced back after the strong post report correction.   

Soybeans were higher overnight with the July contract closing sixteen cents higher and just off the session high of $14.23.  120mb carryout is tight and intended acres appear to be too small to solve the balance sheet tightness.  AgRural estimates Brazil’s soybean crop was 78% harvested as of last Thursday vs. 83% last year.  Look for continued strength today. 

Spring wheat was higher overnight following the strength in corn and soybeans.  The market is acting as a follower for now but the underlying support is conditions are very dry in the Dakotas.  USDA rated winter wheat conditions at 53% good to excellent, meeting market expectations but worse than the 62% rating from this time last year.  Look for slightly 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 BonusDaily Price PlusFutures at 8:00am
SX21 Oct21$13.80$13.20$12.76
CZ21 Oct21$5.40$5.25$4.90
MWZ21 Dec21$6.88$6.67$6.36
Old Crop PremiumNew Crop TargetTrigger Date
0.20$7.00 MWZ2111/19/21
0.22$14.80 SX2110/22/21
0.28$5.20 CZ2111/19/21

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 April 5, 2021                                               By: Eric Peterson

Corn was mixed overnight as the old crop/new crop gap tightens.  According to the latest planting intentions report the U.S farmer is poised to plant less corn acres than many expected.  U.S weather and field conditions remain on the dry side.  The 6-10 day forecast is slightly wetter for the Eastern Corn Belt, while the 11-15 day looks much drier which should help corn planting.  Look for continued mixed trade today with new crop continuing to gain on old as traders focus on acreage. 

Soybeans were higher overnight as the market continues to digest last weeks USDA report.  The USDA pegged planted acres at 87.6 million on last week’s report compared to the average estimate of 90 million.  Technical support for the November contract is below at the 20 day moving average of $12.32 with resistance above at $12.85.  Look for strength today as the market gapped higher overnight with stocks very tight and more soybean acres needed.    

Spring wheat closed a penny higher this morning after trading a narrow four cent range overnight.  The U.S northern plains are dry and the forecasts looks to remain dry as planting is expected to pick up this week.  Look for quiet uneventful trade today as wheat is likely to follow corn and soybeans 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
SX21 Oct 21$13.80$13.20$12.76
CZ21 Oct 21$5.40$5.25$4.90
MWZ21 Dec21$6.85$6.65$6.29
Old Crop PremiumNew Crop TargetTrigger Date
0.206.90 MWZ2111/19/21
0.2214.80 SX2110/22/21
0.285.20 CZ2111/19/21

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 March 30, 2021                                               By: Eric Peterson

Corn traded lower overnight in a relatively quiet session.  The market continues to position itself ahead of the USDA report tomorrow.  Some concern for the new crop season tat even with 93/94 million acres, our increase in carryout wouldn’t leave much room for any disruptions during the growing season.  Look for mostly quiet trade leading up to tomorrow. 

Soybeans were weaker overnight as money positions itself for tomorrow’s report.  May soybeans broke their 50 day moving average of $13.91 on the overnight for the first time since last summer.  The long term outlook for soybeans looks the most optimistic as big acres and trend lines project a tight carryout for new crop.  Soybeans continue to see a loss of upward momentum despite fundamentals remaining supportive, the market looks ahead to fresh news to trade tomorrow. 

Spring wheat continues to trend lower as Minneapolis May wheat breaks its 100 day moving average for the first time since December.  Yesterdays crop update showed improved conditions in states like Kansas where good/excellent rating improved by 5%.  Look for mostly weaker trade today as news remains routine and the focus is on corn and soybeans.   

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
SX21 Oct21$13.05$12.50$11.98
CZ21 Oct21$5.15$4.95$4.59
MWZ21 Dec21$6.90$6.65$6.33
Old Crop PremiumNew Crop TargetTrigger Date
0.236.90 MWZ2111/19/21
0.2814.0010/22/21
0.285.00 CZ2111/19/21

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.

© 2021 CHS Inc.