Thursday Jan 28, 2021 By: Eric Peterson
Corn traded higher overnight as the March contract is unable to match yesterday’s high of $5.43. Export sales for 20/21 were 1,850,300 with estimates from 900,000-1,600,000mt. Look for mostly higher trade today as we test contract highs/resistance levels as the market trades at multi-year highs.
Soybeans saw strength overnight as the March contract traded a 23 cent trading range overnight. The old crop contract continues to build a premium against the new crop contracts. November soybeans is well of the contract high of $12.03. Some areas of Brazil harvest soybeans while others get rains, Brazil production estimates will likely increase again. Look for mostly higher trade today.
Spring wheat saw mixed trade overnight as the market struggles for direction. The bullish future sentiment appears to have stalled for now as the export restrictions out of the Black Sea has been thoroughly traded. Look for market to follow the strength in the corn and soybean markets.
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|
|Old Crop Premium||New Crop Target||Trigger Date|
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