Morning Market Wire

Tuesday March 2nd, 2021                                               By: Eric Peterson

Corn traded two sided overnight with the May contract trading an eight cent range.  Corn seems to be lacking fresh fundamental news as exports remain strong.  2021 acres will be larger than a year ago but the western U.S remains dry.  Look for higher trade today on renewed concerns of tight stocks and strength in the wheat market.   

Soybeans traded higher the majority of the night before fading into the morning close.  The market found strength from meal and oil.  Delays in the Brazilian harvest and optimism for increased demand for U.S soybeans continues to provide underlying support.  Look for higher trade today on tighter stocks and demand optimism.    

Spring wheat traded overnight with the May contract closing at the session high of $6.40.  The market found strength on increased taxed on Russian wheat exports.  Russian wheat export taxes increased in an effort to curb rising domestic prices.  Look for higher trade today on growing demand optimism.    

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$12.85$12.40$12.14
CZ21 Oct21$4.99$4.85$4.67
MWZ21 Dec21$7.15$6.85$6.61
Old Crop PremiumNew Crop TargetTrigger Date
0.257.10 MWZ2111/19/21
0.3114.00 SX2110/22/21
0.305.00 CZ2111/19/21

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