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

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.

Morning Market Wire

Monday Sept 26, 2022                                               By: Eric Peterson

Corn traded lower the entire night in a narrow six cent range.  December corn continues to drift towards the 100 day moving average of $6.65.  A strong U.S dollar is not helping the U.S as South America appears to have an ample supply and at a discount.  Look for the corn market to be volatile as harvest ramps up and out markets influence the market.    

Soybeans saw two sided trade overnight with the November contract trading a twenty cent range.  November soybeans continue to trade above its 200 day moving average and below the 50 day moving day average of $14.16.  U.S harvest pace should pick up this week as the seven day forecast looks mostly decent.  Look for lower trade today on harvest pressure.    

Spring wheat was two sided overnight with the December trading a wide 22 cent range.  Strong U.S dollar and fear of recession continues to drive money flow into grains and commodities.  Some rain has fallen across the winter wheat regions, favoring the fall planting season as it gets started.  Look for the wheat market to remain volatile as global tensions remain high. 

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 Sept 22, 2022                                               By: Eric Peterson

Corn closed a fraction higher this morning after trading a narrow four cent range overnight.  Weekly export sales were 182.3tmt vs. estimates of 400tmt to 850tmt.  December corn failed to break above $7.00 resistance yesterday, for the second time this month, but trendline support is holding as well, forming a wedge pattern.  Look for steady to higher trade today. 

Soybeans closed two cents higher this morning after trading a twenty eight cent range overnight.  November soybeans got within a penny of its 100 day moving average of $14.47 before finding support. Export sales of soybeans were 446.4tmt vs estimates of 500tmt to 1.0mmt.  A strong U.S dollar continues to impact the U.S competitiveness with Argentina and Brazil able to sell discounted to U.S offers.  Look for steady to higher trade to begin the day. 

Spring wheat closed a penny lower this morning after trading a twenty cent range overnight.  Export sales were 185.2tmt vs estimates of 200tmt to 500tmt.  Decent rainfall over the Northern half of Kansas has improves prospects for planting conditions.  Look for mostly higher trade today as Russia continues to disrupt the Black Sea region.   

Old Crop PremiumNew Crop TargetTrigger Date
0.5010.50 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

Tuesday Sept 20, 2022                                               By: Eric Peterson

Corn traded higher overnight with the December contract closing three cents higher.  Corn was rated at 52% good/excellent, down 1 pt from last week and the lowest number since 2012.  Nebraska declined the most, down 5 to 37% good/excellent.  The crop is currently 7% harvested, up 2 from last week and just below the 8% average.  Look for slightly higher trade today as the market found support yesterday at its 20 and 100 day moving average.    

Soybeans traded lower overnight but were able to stay above the 200 day moving average of $14.50.  Soybeans are 3% harvested vs 5% on average for this date.  The crop is rated at 55% good/excellent down 1 pt from last week.  The USDA announced yesterday morning a sale of 136tmt soybeans to China for 2022/23.  Look for slightly weaker trade in light volume.        

Spring wheat traded higher overnight as the rangebound trade continues.  Spring wheat harvest is wrapping up at 94% complete.  The U.S winter wheat crop is 21% planted vs. the 17% average for this date.  That is the highest percentage since 2009.  Look for a small bounce today after yesterday’s sharp sell off.

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.

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