Thursday October 3, 2019 by: Eric Peterson
Corn traded quietly lower in the overnight session down a fraction of cent. Technical resistance remains at $3.93 while support is at $3.85. A lack of fresh news has traders technical selling. Export sales for corn were 562.6 tmt, on the low end of the range of estimates which was 400-800tmt. Look for mostly lower trade on technical selling.
Soybeans traded lower overnight, even though China bought soybeans from the U.S again, 464 tmt out of the Gulf of Mexico. Export sales for soybeans were 2.08mmt. That’s above the range which was 800tmt-1.5mmt. Support for November soybeans lies at $8.82 with resistance at $9.32. Look for slightly lower trade on profit taking.
Spring wheat traded lower overnight on technical selling. In the past week December 2019 spring wheat has lost 34 cents from its recent high. Export sales for wheat were 328.5tmt. That’s in the range of 200-600tmt. Look for slightly lower trade today on technical selling.
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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