Glasston elevator will be closed today Friday November 2nd.
Corn traded higher on follow through buying from yesterday and gaining support from the soybean market. December corn is testing upside resistance at the 100 day moving average of $3.68. The U.S is expected to see some rain delays of harvest with the heaviest at the Eastern Corn Belt. Look for slightly higher trade as the market seems to be trading at the top end of the recent range.
Soybeans traded higher overnight but sold off into the close. Support came on optimism that the U.S and China will resolve the trade war sooner rather than later. Bloomberg is reporting that Trump wants to reach an agreement with the Chinese President at the G20 summit and has asked for aides to begin to draft potential terms. After a key reversal lower two weeks ago, the market seems poised to make a key reversal to the upside this week if the strength can hold.
Spring wheat closed a fraction lower after trading most of the overnight session higher on spillover strength from soybeans. After a very wet October in Kansas that slowed wheat seedings to a record slow pace for last week, current forecast call for more open window of opportunity over the next week. Look for slightly higher trade today on short covering.
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||0.00|
|CHS Drayton Cash Prices|
|Spring Wheat:||5.26||-0.50 basis||Nov||Delivered Drayton|
|Winter Wheat:||4.21||-0.80 basis||Nov||Delivered Drayton|
|Corn:||3.01||-0.67 basis||Nov||Delivered Drayton|
|Soybeans:||7.31||-1.55 basis||Nov||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.