Friday Feb 5, 2021 By: Eric Peterson
Corn traded a relatively narrow three cent range overnight after settling well off yesterday’s March contract high of $5.58. The average trade estimate for corn ending stocks in Tuesday’s WASDE report is 1.363 billion bushels. The range of estimate is 1.108 to 1.502 billion. The USDA’s January estimate was 1.552 billion bushels. Look for mostly flat to lower trade today as traders adjust positions ahead of next week’s report.
Soybeans saw a twelve cent trading range overnight with the March contract closing nearly unchanged. March soybeans seems to be stuck in a $13.50 to $14.00 range for a few weeks now. The market is unable to test $14.00 with a contract high of $14.36. Look for slightly higher trade today as harvest delays in Brazil may be causing some additional export demand for the U.S.
Spring wheat bounced higher overnight with the March contract closing a nickel higher. Forecasts for cold temperatures over the weekend that could affect the U.S winter wheat areas seems to supporting the market. Look for higher trade today as traders still seemed concerned about the lack of snow cover in Montana and the Dakotas.
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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