Morning Market Wire

Tuesday Feb 23, 2021                                               By: Eric Peterson

Corn traded two sided but mostly higher overnight.  The December contract saw another new contract high as it closes in on $5.00.  Weekly export inspections were decent again this week as technical buying adds support to the market.  Look for mostly higher trade today following the strength in the soybean market.      

Soybeans surged higher overnight with the March contract 21 cents higher, 6 cents off the session high of $14.11.  The market drew strength from the slow harvest in Brazil coupled with rain in the forecast that will likely continue to slow harvest.  Brazil is behind the normal pace with scattered rains disrupting harvest, but overall rain continues to help and adds to ideas of increasing production.  Look for mostly higher trade today.       

Spring wheat was mostly flat overnight as the market is struggling to follow through on yesterday’s strength.  The trade continues to debate how much damage has been done to the winter wheat crop with the recent cold snap.  The monthly ratings for U.S winter wheat showed a decline in Kansas, the top U.S producer, and mixed results in the other states.                

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 BonusDaily Price PlusFutures at 8:00am
SX21 Oct21$12.70$12.35$12.23
CZ21 Oct21$4.99$4.85$4.72
MWZ21 Dec21$7.15$6.85$6.67
Old Crop PremiumNew Crop TargetTrigger Date
0.307.10 MWZ2111/19/21
0.2514.00 SX2110/22/21
0.304.60 CZ2111/19/21

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