Friday Feb 26, 2021 By: Eric Peterson
Corn traded lower overnight the entire night as month end and speculative selling continues. The May contract currently sits 35 cents off the contract high from January. $5.40 appears to be the first support level, then $5.25. Look for lower trade today on follow through weakness from yesterday and the disappointing exports.
Soybeans continues yesterday’s slide lower overnight and are trading near the lower end of the range this morning. From yesterday’s high to today’s low, May soybeans have dropped almost 70 cents. There is growing concern about African Swine Fever cases rising in China, putting pressure on soy futures for China and the U.S Look for weaker trade as month end and speculative selling add to the pressure.
Spring wheat was lower overnight on spillover weakness from corn and soybeans. The market continues to trade lower on technical and poor weekly export sales. Prices drew additional pressure from increased world production estimates and easing concerns of significant damage to the inter wheat crop from the recent cold snap across the U.S.
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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