Corn prices continue to fall as improved weather conditions push harvest along. December corn has closed lower seven out of the last ten trading sessions, losing 8 ½ cents since October 16th. Yesterday’s crop progress report showed harvest at 63% complete, up 14% from last week but in line with the five year average. Look for lower trade today on continued harvest activity.
Soybeans closed a penny higher this morning with the November contract trading a relatively narrow seven cent range. The crop progress report pegged harvest at 72% complete, up 19% from last week but still behind the five year average of 81%. Weather conditions should allow for increased harvest activity this week. Look for mixed trade today as the market will be watching Brazil’s president elect for signs of any trade changes with China.
Spring wheat closed a fraction higher this morning after light, mixed trade overnight. The USDA showed winter wheat planting at 78% complete with rating of 53% good/excellent. World demand for wheat remains relatively poor with many hoping that Russia will eventually slow exports. Look for slightly higher trade today as the U.S winter wheat planting pace remains slow.
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||5.01||-0.01|
|CHS Drayton Cash Prices|
|Spring Wheat:||5.27||-0.50 basis||Oct||Delivered Drayton|
|Winter Wheat:||4.21||-0.80 basis||Oct||Delivered Drayton|
|Corn:||2.99||-0.67 basis||Oct||Delivered Drayton|
|Soybeans:||6.80||-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.