Wednesday October 2, 2019 by: Eric Peterson
Corn closed two cents lower this morning after trading higher the last couple of days. Corn prices have continued their move higher on crop concerns. Crop development should continue slowly with the fall season among us and a lack of measurable heat units. Look for slightly higher trade today as the overall fundamental scenario should be well supported as the USDA shows signs of tightening stocks.
Soybeans traded slightly lower overnight on profit taking after a strong day yesterday. The November contract sits above the 200 day moving average of $9.11 and above the 50. 100, and 200 day moving averages. The USDA reports 178.0 million bushels of soybeans crushed during the month of August. This compares to the average trade estimate at 179.0 million bushels. Look for slightly lower trade today on profit taking.
Spring wheat closed a fraction higher this morning. It seems the wheat market is running out of fresh wheat news as the struggles in spring wheat territory are well known, but now old news. Heavy moisture continues to disrupt Montana, North Dakota, and Canada as the risk of the remaining crop increases. Look for slightly higher trade today.
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 are 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|
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