Corn closed a fraction lower this morning and traded lower the entire overnight session. The market is weaker in response to the uncertainty of the trade truce. Expert crop scout, Dr. Cordonieer has left his Brazil production estimate unchanged at 96mmt, with a neutral to higher bias. Overall demand for U.S corn remains strong both domestic and global. Look for slightly lower trade today on profit taking.
Soybeans traded two sided overnight with the January contract trading a four cent range. January soybeans attempted to fill the gap left Sunday night from $8.96 to $9.04. China remains silent regarding the trade truce with the U.S in Argentina. They have not agreed to buy large amounts of agricultural products nor have they agreed to lower tariffs on soybeans or cars. Look for mostly lower trade on confusion over the U.S/China trade truce.
Spring wheat traded lower overnight retracing some of the recent gains on a lack of fresh positive news. StatsCan will be released on December 6th with production of all wheat estimated at 31.4mmt above last years of 29.9mmt. Look for mostly lower trade today on profit taking and uncertainty over the U.S/China trade truce.
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:||KWEH19||5.01||-0.04|
|CHS Drayton Cash Prices|
|Spring Wheat:||5.40||-0.40 basis||Dec||Delivered Drayton|
|Winter Wheat:||4.24||-0.80 basis||Dec||Delivered Drayton|
|Corn:||3.25||-0.56 basis||Dec||Delivered Drayton|
|Soybeans:||7.74||-1.35 basis||Dec||Delivered Drayton|
Spring Wheat Protein Scales
-.02 cents ea. 1/5 down from 14.0% to 13.0%
-.02 cents ea. 1/5 down from 13.0% to 12.0% (Max -0.20)
+.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.