Corn closed unchanged this morning after trading a narrow two cent range overnight. The December contract is staying close to the 100 day moving average of $3.70 with technical support at $3.65. Yesterday’s crop progress report showed corn conditions unchanged from last week at 68% good/excellent. Progress was reported at 49% complete, slightly behind the estimate of 51%. Look for slightly higher trade today as overall demand remains strong.
Soybeans closed down four cents this morning, trading lower the entire overnight session. Pressure came overnight as U.S harvest has seen major progress made over the last week. The USDA pegged harvest at 53% complete, ahead of estimates but well behind the five year average of 69%. Look for mostly lower trade today as slow exports remain the focus until we get a better idea of crop quality.
Spring wheat traded higher overnight with the December contract trading a narrow two cent range. The market continues to bounce around its recent trading range. Since October 3rd the December contract has traded a tight 18 cent range. For the most part, news remains routine as the bulls wait for Russia to limit exports. Look for slightly lower trade today as weather conditions look favorable for winter wheat planting this week.
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||5.04||-0.03|
|CHS Drayton Cash Prices|
|Spring Wheat:||5.23||-0.63 basis||Oct||Delivered Drayton|
|Winter Wheat:||4.24||-0.80 basis||Oct||Delivered Drayton|
|Corn:||3.02||-0.67 basis||Oct||Delivered Drayton|
|Soybeans:||6.94||-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%
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.