Thursday Aug 11, 2022 By: Eric Peterson
Corn traded higher overnight with the September contract closing six cents higher. Support came on weather concerns and ideas that the USDA will lower their corn yield on tomorrow’s report. The average trade estimate for this year’s corn crop is 14.392 billion bushels with a yield of 175.9 bpa on 81.837 million acres. Look for mostly higher trade following the strength in the wheat market.
Soybeans traded higher overnight on uncertainty of weather conditions for the second half of August. Expectations that yield will be reduced on tomorrow’s report provided additional support. The average trade estimate for the U.S soybean crop is at 4.481 billion bushels with a yield of 51.1 bpa on 87.724 million acres. Look for mostly higher trade on continued weather concerns.
Spring wheat was higher overnight following the strength in the corn and soybean markets. The Black Sea region is harvesting wheat but the question remains whether it will be exported. It has been reported that Ukraine will be allowed to ship a wheat vessel in the coming weeks. Look for slightly higher trade today as tomorrow’s report is not expected to show many changes.
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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