Friday October 4, 2019 by: Eric Peterson
Corn traded quietly lower in the night session, down two cents. Technically, support for corn lies at $3.85 with resistance at $3.91 and $3.93. For the week, December 2019 corn rallied 15 cents. This week marks the biggest gain in four months. Funds are estimated to be short 132,900 contracts. Look for slightly lower trade today on technical selling.
Soybeans traded higher overnight closing at the session high of $9.14. For the week, November 2019 soybeans have rallied 0.27 cents. China continues to buy soybeans form the U.S, buying 252tmt yesterday for 2019/2020 marketing year. Look for lower trade today on profit taking after the recent rally.
Spring wheat found strength overnight closing at the overnight high of $5.32. Support continues to stem from quality concerns, although that is beginning to come old news. For the week, Minneapolis spring wheat is down 15 cents, while KC wheat is only down 2 cents. Look for slightly higher trade today on continued quality concerns.
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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