Tuesday Sept 29, 2020 By: Eric Peterson
Corn closed three cents lower this morning as the market continues its rangebound trade. Yesterday’s crop progress report pegged corn harvest at 15% complete compared to 8% last week vs the average estimate of 17%. Crop specialist Dr. Cordonnier left his estimate of U.S corn yield unchanged this week at 176 bushels per acre. Look for slightly lower trade today as weather looks mostly favorable for harvest activity.
Soybeans traded lower overnight as the harvest pressure continues. Soybean harvesting was a slight bit better than the average estimate of 18% at 20% harvested. Soybean rating was up 1% to 64% good/excellent. The estimated U.S soybean yield was left unchanged for the week at 51 bushels per acre. Look for mostly lower trade today as harvest activity picks up and weather looks mostly favorable.
Spring wheat was mostly weaker overnight with the December contact closing a penny lower.. The market continues to trade lower on a stronger U.S dollar and a large world stocks. Harvest is complete as the focus now shifts to harvesting other commodities and planting winter wheat. Look for mostly lower trade today on spillover weakness from corn and soybeans.
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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