Wednesday Feb 24, 2021 By: Eric Peterson
Corn saw two sided trade overnight with the May contract trading a relatively narrow five cent range. December corn is just off yesterday’s contract high of $4.74. Overall demand remains decently strong, both domestic and export, and seeing few signs that demand has slowed. Look for mostly higher trade to start the day.
Soybeans continue to charge higher as the trade looks at a tight U.S balance sheet, and slow harvest pace in Brazil. On a technical chart, May soybeans broke out to the upside of the pennant formation they have been trading for the month. A private analytics firm raised their estimate for the 2020/2021 Brazilian soybean crop from 133 million tonnes to 136 million tonnes. Look for continued strength today.
Spring wheat traded mostly higher overnight as the market continues to digest the winter weather in the U.S. wheat territory as they remain unsure how much damage has been done by the recent cold snap. The December contract has hit the contract high of $6.71 for three consecutive days now and may make a move one way or the other. Look for mostly higher trade today.
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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