CHS Drayton Morning Market Wire (11/28)

Corn closed two cents higher overnight with the March contract closing at the overnight high of $3.58.  Short term resistance for March corn is at $3.73 with support at $3.65. The last crop progress report showed corn at 94% harvested, lagging behind the five year average of 96%. Look for mixed to slightly higher trade as news remains light and uneventful.         (more…)

CHS Drayton Morning Market Wire (11/27)

Corn was able to stay above yesterday’s low of $3.55 during the overnight session but is well below any major technical moving averages. Overall news remains light and routine and President Trump indicates he is ready to move forward on increased tariffs on Chinese goods. A trade deal resolution brings hope that China will resume buying U.S DDGs, and sorghum and possibly ethanol.             (more…)

CHS Drayton: Morning Market Wire (11/20)

We will be closed Thursday November 22nd and Friday November 23rd for Thanksgiving. 

Corn closed a fraction higher this morning with the December contract trading a narrow two cent range overnight.  Technically, December corn sits below former support level of the fifty day moving average of $3.64.  This may now be resistance.  December 2018 corn is currently 20 cents off contract lows and 90 cents off contract highs, and the last few contract have expired at contract lows… Look for slightly higher trade today ahead of the holiday weekend.

Soybeans traded two sided overnight with the January contract relatively narrow six cent range.  The market found support overnight on fund buying.  China/U.S trade relations remain in the forefront of the news.  Many remain optimistic that a an agreement will return to normal U.S export to China, but a return to normal, regardless of a deal, appears doubtful.  Look for slightly higher trade today.

Spring wheat closed a fraction higher this morning with the March contract trading a narrow two cent range overnight.  Bids have now rolled from December futures to March futures. U.S winter wheat seeding is 93% complete as time is running out to plant it all.  The crop is rated at 53% good/excellent, up 2% from last week.  Look for steady to higher trade ahead of the holiday weekend.

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
SX19 (Nov) $9.80 $9.56 $9.35
CZ19 (Dec) $4.18 $4.08 $3.98
MWZ19 (Dec) $6.35 $6.04 $6.13

 

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
0.13 6.30 MWZ19 11/20/2019
0.33 9.55 SX19 10/23/2019
0.13 4.05 CZ19 11/20/2019

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEH18 5.70 +0.01
Kansas City HRW: KWEZ18 4.73 0.00
Soybeans: SF19 8.76 +0.02
Corn: CZ18 3.62 0.00

 

CHS Drayton Cash Prices
Spring Wheat: 5.30 -0.40 basis Nov Delivered Drayton
Winter Wheat: 3.93 -0.80 basis Nov Delivered Drayton
Corn: 3.07 -0.55 basis Nov Delivered Drayton
Soybeans: 7.36 -1.40 basis Nov 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 (11/13)

Corn traded lower overnight with the December contract trading a narrow two cent range.  Corn harvest was last reported at 76% complete and is expected to come in at 87% complete on today’s progress report.  The December contract seems rangebound between the 50 day and 100 day moving average of $3.68 and 3.72 respectively.  Look for slightly lower trade today on continued harvest activity.

Soybeans closed five cents higher this morning with the January contract closing just off the overnight high of $8.90.  The market traded higher overnight on anticipation of a slower harvest pace due to unfavorable harvest weather.  Last week’s soybean harvest was pegged at 83% complete, behind the five year average of 89%.  Look for mostly higher trade today.

Spring wheat closed a fraction lower this morning after trading a narrow two cent range. The market was down overnight on fund selling after yesterday’s rally.  The market found support yesterday on short covering and poor weather in Kansas.  Heavy snowfall across Kansas will likely delay the last of winter wheat planting.  Look for mixed 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
SX19 (Nov) $9.98 $9.70 $9.38
CZ19 (Dec) $4.24 $4.12 $4.01
MWZ19 (Dec) $6.45 $6.24 $6.19

 

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 6.30 MWZ19 11/20/2019
0.34 9.70 SX19 10/23/2019
0.17 4.00 CZ19 11/20/2019

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ18 5.82 0.00
Kansas City HRW: KWEZ18 4.88 +0.01
Soybeans: SF19 8.88 +0.05
Corn: CZ18 3.68 -0.02

 

CHS Drayton Cash Prices
Spring Wheat: 5.37 -0.45 basis Nov Delivered Drayton
Winter Wheat: 4.08 -0.80 basis Nov Delivered Drayton
Corn: 3.08 -0.60 basis Nov Delivered Drayton
Soybeans: 7.38 -1.50 basis Nov 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 (11/9)

Corn traded lower overnight as the market tries to digest yesterday’s USDA report. The USDA dropped corn yield to 178.9bpa from 180.7bpa. Overall the U.S carryout dropped from 1.813 to 1.736 billion bushels. The USDA also took into account the recently revised China corn supplies number over the past 10 years. For that time frame, they had underestimated corn production each year. When the extra supply was added, it totaled almost 150mmt and nearly doubled our world carryout. Look for choppy trade as the market digest the new corn balance sheet.

Soybeans traded lower after yesterday’s report revealed we have an abundant supply of U.S soybeans. The USDA dropped U.S yield from 53.1bpa to 52.1bpa yesterday and also increased crush usage to 10 million bushels. Offsetting the drop in supply was a 160 million bushel cut in exports to 1.9 billion bushels. Overall the carryout increased 70mb to 955 million bushels. Look for lower trade today on ample U.S supplies.

Spring wheat closed two cents lower this morning, with the December contract trading a four cent range. All three wheat exchanges were lower on ample supplies after yet another USDA report where the U.S exports and EU production were left unchanged. The USDA increased wheat seeding usage overall 7mb to drop our carryout to 949 million bushels. Look for lower trade off the open on abundant supplies.

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
SX19 (Nov) $9.90 $9.54 $9.28
CZ19 (Dec) $4.29 $4.12 $4.03
MWZ19 (Dec) $6.50 $6.31 $6.18

 

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 6.35 MWZ19 11/20/2019
0.27 9.80 SX19 10/23/2019
0.16 4.05 CZ19 11/20/2019

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ18 5.78 -0.01
Kansas City HRW: KWEZ18 4.91 -0.06
Soybeans: SF19 8.76 -0.02
Corn: CZ18 3.70 -0.03

 

CHS Drayton Cash Prices
Spring Wheat: 5.28 -0.50 basis Nov Delivered Drayton
Winter Wheat: 4.11 -0.80 basis Nov Delivered Drayton
Corn: 3.10 -0.60 basis Nov Delivered Drayton
Soybeans: 7.26 -1.50 basis Nov 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 (11/8)

Corn closed slightly higher this morning on positioning ahead of today’s USDA Supply and Demand report at 11:00am. The market was stronger on thoughts of a lower yield in today’s report. The average estimate for the U.S corn yield in today’s report is 180bpa, down from October’s USDA estimate of 180.7bpa. Analysts are also estimated a reduction in U.S carryout. Look for choppy trade today on position squaring ahead of the report. (more…)

CHS Drayton: Morning Market Wire (11/06)

Corn closed a fraction lower this morning ahead of Thursday’s USDA Supply and Demand report.  The USDA is expected to slightly trim U.S corn yield and carryout.  The USDA pegged corn harvest at 76% complete, still behind the five year average of 77% complete.  The U.S will battle a wet weather again this week, next week appears to be cold and mostly dry.  Look for choppy to lower trade today as harvest begins to wrap up.

Soybeans saw mixed trade overnight as harvest continues to lag.  The crop progress report showed soybean harvest at 83% complete compared to the five year average of 89% complete at this point last year.  We have yet to see any real progress in the U.S/China trade war.  Look for mostly weaker trade today as we continue to deal with the last parts of harvest.

Spring wheat traded two sided overnight with the December contract closing unchanged this morning.  The wheat markets gained support overnight from a friendly crop progress report.  The USDA crop progress report showed winter wheat planting at 84% complete compared to the 5 year average of 90% complete.  The USDA also reported winter wheat conditions at 51% good/excellent, down from last week’s 53%.  Look for choppy trade today as we struggle with slow planting, but slower export demand.

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
SX19 (Nov) $9.95 $9.60 $9.32
CZ19 (Dec) $4.25 $4.15 $4.03
MWZ19 (Dec) $6.46 $6.30 $6.22

 

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 6.40 MWZ19 11/20/2019
0.30 9.60 SX19 10/23/2019
0.17 4.05 CZ19 11/20/2019

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ18 5.81 0.00
Kansas City HRW: KWEZ18 5.05 +0.01
Soybeans: SF19 8.84 -0.01
Corn: CZ18 3.73 -0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.31 -0.50 basis Nov Delivered Drayton
Winter Wheat: 4.25 -0.80 basis Nov Delivered Drayton
Corn: 3.06 -0.67 basis Nov Delivered Drayton
Soybeans: 7.29 -1.55 basis Nov 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 (11/02)

 

Glasston elevator will be closed today Friday November 2nd

Market Summary

Corn traded higher on follow through buying from yesterday and gaining support from the soybean market.  December corn is testing upside resistance at the 100 day moving average of $3.68.  The U.S is expected to see some rain delays of harvest with the heaviest at the Eastern Corn Belt.  Look for slightly higher trade as the market seems to be trading at the top end of the recent range.

Soybeans traded higher overnight but sold off into the close.  Support came on optimism that the U.S and China will resolve the trade war sooner rather than later.  Bloomberg is reporting that Trump wants to reach an agreement with the Chinese President at the G20 summit and has asked for aides to begin to draft potential terms. After a key reversal lower two weeks ago, the market seems poised to make a key reversal to the upside this week if the strength can hold.

Spring wheat closed a fraction lower after trading most of the overnight session higher on spillover strength from soybeans.  After a very wet October in Kansas that slowed wheat seedings to a record slow pace for last week, current forecast call for more open window of opportunity over the next week.  Look for slightly higher trade today on short covering.

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
SX19 (Nov) $9.90 $9.61 $9.31
CZ19 (Dec) $4.25 $4.11 $4.01
MWZ19 (Dec) $6.47 $6.30 $6.12

 

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 6.35 MWZ19 11/20/2019
0.36 9.65 SX19 10/23/2019
0.18 4.00 CZ19 11/20/2019

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ18 5.76 0.00
Kansas City HRW: KWEZ18 5.01 0.00
Soybeans: SF19 8.86 +0.04
Corn: CZ18 3.68 +0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.26 -0.50 basis Nov Delivered Drayton
Winter Wheat: 4.21 -0.80 basis Nov Delivered Drayton
Corn: 3.01 -0.67 basis Nov Delivered Drayton
Soybeans: 7.31 -1.55 basis Nov 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.

 

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