Friday Jan 29, 2021 By: Eric Peterson
Corn traded higher as the March contract attempts to gain back what it had gained at one point yesterday, but has failed to test yesterday’s new contract high of $5.50. We are not at levels last seen since July of 2013. Corn commitments stand at 75% of the USDA forecast, the best ratio since 1996. Futures will look to trade higher to the end the week, but the stock market influencers have manipulated the ag world this week.
Soybeans traded higher overnight with the market at their best levels since summer of 2014. Bullish support continues to come from exporters as they have sold 95.2% of the USDA marketing year forecast. Overall, the South American forecast continues to look like a non-threat with good moisture levels expected and below normal temperatures the next two weeks. Look for mixed trade as pressure from the macro markets weigh against a bullish balance sheet.
Spring wheat found strength overnight, but the market has had trouble all week holding gains during the day. News remains mostly routine as drought in the U.S and Russian export tax have been traded so there is need for fresh news. Look for slightly higher trade today as wheat will likely play the follower.
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|
Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances. CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.