CHS Drayton will be dumping only corn and soybeans. No wheat now.
FOR SALE: 10×70 Farm King Auger. Please call office for details.
Corn trade was weaker overnight as harvest is in full swing in many areas. U.S weather for the most part appears wide open, especially for the western Corn Belt. Despite this, prices have remained above the 100 day moving average of $3.71 for the past three days. Look for steady to lower trade on harvest pressure.
Soybeans closed down nine cents this morning just above the overnight low of $8.75. Weakness came overnight with harvest progress being made and negative technicals. Both China and the U.S have said a meeting regarding tariffs at the G20 summit in November may not happen. Exports to Argentina are not increasing as logistics in Argentina are unable to handle much more, currently. Look for mostly lower trade today on continued harvest pressure.
Spring wheat closed a fraction lower this morning after two sided trade overnight. News hasn’t really changed as many await Russia export restrictions to begin at some point. Currently, U.S wheat is more expensive than Russian wheat, keeping the U.S export pace slow. Look for slightly lower trade today as the U.S works toward completing winter wheat seeding.
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||5.19||-0.02|
|CHS Drayton Cash Prices|
|Spring Wheat:||5.24||-0.63 basis||Oct||Delivered Drayton|
|Winter Wheat:||4.39||-0.80 basis||Oct||Delivered Drayton|
|Corn:||3.03||-0.67 basis||Oct||Delivered Drayton|
|Soybeans:||7.16||-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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