Tuesday Sept 22, 2020 By: Eric Peterson
Corn is slightly lower this morning after the sharp loss yesterday. The crop progress report yesterday showed the percent harvested at 8%, lower than expected. However harvest progress should catch up some this week. Even with yesterday’s 8 cent drop, the December contract is still at levels not since March as our harvest starting to ramp up. Look for mixed trade today as the market settles after yesterday’s losses.
Soybeans traded two sided overnight with the November contract closing four cents higher. The market was sharply lower yesterday on fund selling after a long stretch of higher values and increased hedge pressure with the start of soybean harvest. Weather conditions have been mostly favorable last week and this week. Soybean harvest is in full swing in the Northern Plains. Look for mixed trade today after yesterday’s drop.
Spring wheat closed four cents higher this morning, bouncing after yesterday’s sell off. Wheat gave back gains yesterday made from last week. The crop progress report yesterday showed winter wheat planting at 20% complete vs. the 19% average. Spring wheat planting is nearly complete at 95%. Look for higher trade today, correcting from yesterday’s sharp sell off.
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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