CHS Drayton will be dumping only corn and soybeans. No wheat right now.
Corn closed a penny lower this morning with the December contract trading a wide three cent range. Pressure came overnight as the U.S dollar rallies and harvest continues to make strong strides. The forecasts continue to call for dry weather, but temperatures will be below normal. The yield estimate for the next USDA S&D report on November 8th is expected to be lower than October’s 180.7 after the excessive rains in parts of the corn belt. Look for lower trade today on harvest
Soybeans trade was lower overnight as harvest picks up in the western corn belt after the recent weather delay. The next week or two appears more wide open for harvest activity which should allow for the U.S farmer to reach or exceed the normal pace. There are 2 U.S soybean vessels destined for China but are likely to be diverted to elsewhere. Argentina soybean exports to China continue to grow but they have yet to export any soybean meal to China. Look for mostly lower trade today on harvest pressure.
Spring wheat traded lower overnight with the December contract closing near the session low of $5.92. Overnight weakness was led by Kansas City and Chicago markets as the seeding window appears wide open to make good progress. It also appears winter wheat acres will increase year over year. Look for mostly steady to 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 Bonus||Daily Price Plus||Futures at 8:00am|
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|
|Futures markets as of 8:30 AM|
|Kansas City HRW:||KWEZ18||5.22||-0.06|
|CHS Drayton Cash Prices|
|Spring Wheat:||5.30||-0.63 basis||Oct||Delivered Drayton|
|Winter Wheat:||4.42||-0.80 basis||Oct||Delivered Drayton|
|Corn:||3.07||-0.67 basis||Oct||Delivered Drayton|
|Soybeans:||7.23||-1.60 basis||Oct||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%
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