Morning Market Wire

Friday September 6, 2019 by: Eric Peterson

We currently have a bid of -2.00z basis for >200 falling numbers, any pro, and less than 15% damage. Please bring in a sample before you haul.

Corn closed a fraction higher this morning after trading a narrow one cent range overnight. Prices consolidate just above contract lows from a few days ago as the market awaits for fresh news from the USDA next week. Private yield estimates are running slightly below the August USDA yield of 169.5 bpa, as a below average crop has been factored in for months.

Soybeans saw a small bounce overnight, recovering from some of yesterday’s losses. Overall demand for U.S soybeans remain quite strong, both domestic and global, as U.S exports are above projections. The U.S is getting business from countries that are not doing business with South America. Look for slightly higher trade today as the U.S crop needs more time.

Spring wheat closed a penny lower this morning as the market is not seeing any follow through strength after the past two sessions of gains. Wheat futures need to see a few more days of upside momentum to try to negate the poor technical outlook. Stats Can is out this morning with their July 31 stocks report, 5.2mmt of wheat expected, slightly below last year’s 5.91mmt. Look for sideways to lower trade as the follow through buying seems absent so far 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
SH20 (Mar)$9.05$9.00$8.92
CH20 (Mar)$3.85$3.80$3.72
MWH20 (Mar$5.24$4.20$5.15

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 are 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 PremiumNew Crop TargetTrigger Date
.155.40 MWH202/22/2020
.159.40 SH202/22/2020
.253.70 CH202/22/2020

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 -.30)

+.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.

Morning Market Wire

Wednesday September 4, 2019 by: Eric Peterson

Market Summary

Market Summary

We are seeing Falling Numbers and Sprout Damage issues please bring a sample in before you haul.

Corn closed a fraction higher this morning with the December contract trading a narrow two cent range overnight. Technically, the December contract is very close to the contract low of $3.60. The next level of support will likely be $3.50. Yesterday’s crop progress report showed 81% of the crop is in the dough stage, behind the five year average of 93%. The crop is 41% dented, behind the five year average of 63%. Look for slightly higher trade today.

Soybeans traded two sided overnight closing the session three cents higher. The USDA crop progress report showed that 86% of the crop is setting pods, which is below the five year average of 96%. U.S export offers remain competitive and below both Argentina and Brazil offers. The tariffs imposed by China on U.S bean imports make U.S uncompetitive against tariff free soybeans from South America. Look for higher trade today with decent U.S weather

Spring wheat traded higher overnight bouncing off contract lows from yesterday. The USDA estimates U.S spring wheat harvest at 55% complete, well behind the average pace of 78% harvested. Montana is estimated at 46% harvested and North Dakota at 52% complete. 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.)

CHS Drayton: Morning Market Wire (06/18)

We will be having Marketing Meetings June 25th and June 26th.  NDSU Professor Frayne Olson will be giving a market update on corn, soybeans and wheat. Please call the office for details.

Monday June 25th– Manvel Community Center 9:00am

Monday June 25th– Cavalier Country Club 12:30pm

Tuesday June 26th– Kennedy VFW 10:00am 

-We have several HOPPER BINS FOR SALE, please call the office for details. 

Market Summary

Corn was weaker overnight yet again as good growing weather and trade concerns pressure the market.  The July contract was able to stay above its new contract low from last Friday.  December corn put in a contract high of $4.29 on May 24th and has now set its contract low of $3.79.  Funds continue to trim their length with a reported long of 84,500 contracts down 55,800.  Look for weaker trade off the open due to good growing conditions and trade concerns.

Soybeans traded two sided overnight with the July contract trading a wide twelve cent range.  July soybeans are currently just above $9.00, and front month soybeans have not traded below $9.00 since spring of 2016.  The Commitment of Traders showed funds being aggressive sellers of soybeans, as they sold 48,000 contracts bringing them to a net short of 11,400 contracts.  Look for lower trade on concerns with Chinses tariffs and favorable growing conditions.

Spring wheat traded lower overnight with the July contract trading a three cent range.  Currently, technical support is near $5.63 with resistance at $5.87.  The markets were weaker overnight on continued harvest pressure.  Winter wheat harvest has showed below average yields with decent quality and protein.  Look for lower trade off the open as we add to an already ample wheat 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
SH19 (Mar.) $10.02 $9.50 $9.41
CH19 (Mar.) $4.25 $4.14 $3.89
MWH19 (Mar.) $6.36 $6.20 $6.09

 

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
0.11 6.10 MWZ18 11/21/2018
0.29 9.50 SX18 10/24/2018
0.12 3.90 CZ18 11/14/2018

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEN18 5.69 -0.01
Kansas City HRW: KWEN18 5.12 -0.07
Soybeans: SN18 9.03 -0.02
Corn: CN18 3.58 -0.03

 

CHS Drayton Cash Prices
Spring Wheat: 5.42 -0.25 basis June Delivered Drayton
Winter Wheat: 4.32 -0.80 basis June Delivered Drayton
Corn: 3.10 -0.48 basis June Delivered Drayton
Soybeans: 8.18 -0.85 basis June Delivered Drayton

 

Spring Wheat Protein Scales

-.09 cents ea. 1/5 down from 14.0% to 13.0%

-.09 cents ea. 1/5 down from 13.0% to 11.5% (Max -1.15)

+.09 cents ea. 1/5 from 14.0% to 15.0%

+.00 cent bump at 15.0%  pro

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 (1/23)

We will be hosting a Marketing Meeting Thurs. Jan 25th 1:00pm at Hastings Landing, lunch will be served.  We will be giving a market update and going over Compass contracts.  Please call the office to RSVP

Corn was weaker overnight as it appears the March contract wants to hang around the $3.50 mark. The market remains range bound from $3.45 to $3.55. The fifty day moving average is at $3.52. Large spec funds are short an estimated 252k, which could lead to a short covering rally. Look for slightly higher trade today on South American weather concerns.

Soybeans traded higher overnight on dryness in Argentina which triggered some fund buying. The market traded a six cent range overnight with the March contract closing just below the session high of $9.88. Hot and dry weather in Argentina has affected early planted soybeans which are now in the flowering stage. The forecast is expected to remain dry through early February. Look mostly higher trade today as the market has closed higher for seven consecutive sessions.

Spring wheat closed a penny higher this morning after trading a narrow two cent range overnight. Yesterday the market found support on technical selling and short covering. However, gains continue to be limited as the Southern plains received adequate moisture over the weekend. 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 1:30pm
SX18 (Nov.) $10.45 $10.35 $10.03
CZ18 (Dec.) $4.06 $4.00 $3.85
MWZ18 (Dec.) $6.67 $6.50 $6.32

 

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
0.23 6.30 MWZ18 8/22/2018
0.25 10.45 SX18 10/24/2018
0.10 4.05 CZ18 11/14/2018

 

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEH18 6.08 +0.01
Kansas City HRW: KWEH18 4.28 0.00
Soybeans: SH18 9.87 +0.03
Corn: CH18 3.51 -0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.83 -0.25 basis Jan Delivered Drayton
Winter Wheat: 3.53 -0.75 basis Jan Delivered Drayton
Corn: 2.91 -0.60 basis Jan Delivered Drayton
Soybeans: 8.97 -0.90 basis Jan Delivered Drayton

 

Spring Wheat Protein Scales

-.10 cents ea. 1/5 down from 14.0% to 13.0%

-.08 cents ea. 1/5 down from 13.0% to 11.0%

+.10 cents ea. 1/5 from 14.0% to 15.0%

+.10 cent bump at 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: Afternoon Market Wire (04/24)

Thursday, April 27th CHS Drayton and all locations will be closed for Employee Safety Training. 

Corn traded slightly higher today on spillover strength from the soybean market. Today’s planting report had corn at 17% planted just behind the five year average of 18%.  Analysts were looking for 15% planted.

Soybeans traded higher today on a favorable export report and a weaker U.S dollar.  Weekly soybean export inspections were .635mmt, ahead of the estimated range of .400-.600mmt.

Wheat closed five cents lower today just above the day’s low of $5.20.  Spring wheat planting was reported at 22% complete, behind the five year average of 34%.

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 1:30pm
SX17 (Nov.) $10.17 $9.95 $9.67
CZ17 (Dec.) $4.06 $3.95 $3.83
MWH18 (Mar.) $5.72 $5.65 $5.56

 

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
0.15 5.55 MWH18 2/21/2018
0.27 9.95 SX17 10/25/2017
0.17 4.00 CH18 2/21/2018

 

Futures markets as of 1:30 PM
Minneapolis Wheat: MWEK17 5.21 -0.05
Kansas City HRW: KWEH17 4.01 -0.02
Soybeans: SK17 9.61 +0.10
Corn: CK17 3.59 +0.02
       

 

CHS Drayton Cash Bids
Spring Wheat: 4.63 -0.58 Basis April
Winter Wheat: 2.96 -1.05 Basis April
Corn: 2.99 -0.60 Basis April
Soybeans: 8.43 -1.18 basis April
           
             

Spring Wheat Protein Scales

-.06 cents ea. 1/5 down from 14.0% to 13.0%

-.06 cents ea. 1/5 down from 13.0% to 12.0%

+.04 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 particu

CHS Drayton Morning Market Wire (3/31)

Grain markets were higher overnight. Following the overnight session, corn is up one cent, soybeans are down one cent, and spring wheat is two cents higher.

-The USDA Prospective Plantings and Quarterly Grain Stocks reports will be released today at 11:00am.  

Corn closed a cent higher this morning after trading a narrow two cent range overnight. The average estimate of corn acres in today’s report is 90.97 million acres.  USDA planted acreage for 2016 was 94.004 million acres.  The average estimate for corn stocks as of March 1st is 8.534 billion bushels.  Look for tentative price action until the report comes out at 11:00am.

Soybeans traded two sided overnight with the May contract closing down a penny. The average estimate for soybean acres is 88.21 million.  USDA 2016 planted acreage was 83.433 million.  The quarterly stocks estimate is 1.684 billion bushels.  The trade will be positioning this morning in front of the report.

Spring wheat closed two cents higher this morning closing at the overnight high of $5.46. The acreage estimate for all wheat is 46.14 million.  32.55 million for winter wheat, 11.35 million for spring wheat and 2.115 million for durum.  Wheat is expected to be a follower of corn today unless a surprise comes out of the report.

If you have any questions or know anyone who would like to receive this email, please email me at eric.peterson@chsinc.com  or give me a call at the office at 701-454-3351. Have a great day!

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEK17 5.46 +0.02
Kansas City HRW: KWEK17 4.18 +0.01
Soybeans: SK17 9.61 -0.01
Corn: CK17 3.58 +0.01

 

CHS Drayton Cash Prices
Spring Wheat: 4.91 -0.55 basis Mar Delivered Drayton
Winter Wheat: 3.13 -1.05 basis Mar Delivered Drayton
Corn: 2.88 -0.70 basis Mar Delivered Drayton
Soybeans: 8.43 -1.18 basis Mar Delivered Drayton

 

Spring Wheat Protein Scales

-.06 cents ea. 1/5 down from 14.0% to 13.0%

-.06 cents ea. 1/5 down from 13.0% to 11.0%

+.04 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 (03/28)

Market Summary

Grain markets were higher overnight. Following the overnight session, corn is up two cents, soybeans are up three cents, and spring wheat is one cent higher.

Corn traded higher overnight closing at the overnight high of $3.58.  Support came overnight on a technical bounce after year lows were made yesterday.  Many southern states are well ahead of their five year average planting pace with Louisiana at 80% planted and Texas at 45% planted.  Look for slightly higher trade after hitting new lows yesterday.

Soybeans closed three cents higher this morning, with the May contract trading a five cent range overnight.  Soybean export inspections were 555tmt, down from the previous week’s 744tmt.  Look for a slight bounce today as the trade positions ahead of Friday’s acreage report.

Spring wheat traded higher overnight, with the May contract closing a penny off the overnight high of $5.35.  Yesterday, export inspections were 541tmt, down from the previous week’s 649tmt.  Kansas winter wheat conditions were unchanged at 38% good/excellent.  Texas was also unchanged at 34% good/excellent.  Look for slightly higher trade today as the market has seemed to find some support after the sharp decline the last couple of weeks.

If you have any questions or know anyone who would like to receive this email, please email me at eric.peterson@chsinc.com  or give me a call at the office at 701-454-3351. Have a great day!

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEK17 5.34 +0.01
Kansas City HRW: KWEK17 4.22 +0.01
Soybeans: SK17 9.75 +0.03
Corn: CK17 3.58 +0.02

 

CHS Drayton Cash Prices
Spring Wheat: 4.79 -0.55 basis Mar Delivered Drayton
Winter Wheat: 3.17 -1.05 basis Mar Delivered Drayton
Corn: 2.88 -0.70 basis Mar Delivered Drayton
Soybeans: 8.57 -1.18 basis Mar Delivered Drayton

 

Spring Wheat Protein Scales

-.06 cents ea. 1/5 down from 14.0% to 13.0%

-.06 cents ea. 1/5 down from 13.0% to 11.0%

+.04 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.

 

© 2019 CHS Inc.