Thursday March 4th, 2021 By: Eric Peterson
Corn traded lower overnight on weakness in soybeans and wheat, along with the strength in the U.S dollar. Prices drew additional pressure from lack of fresh supportive news. 2021 acres continue to be debated but are likely to be higher than the USDA outlook. Look for choppy, volatile, rangebound trade to continue ahead of next week’s USDA report.
Soybeans traded higher overnight with the July contract closing just off the session high of $13.99. 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 two sided overnight with the May contract trading an eight cent range. The market doesn’t seem to know which direction to go after the recent days of volatility, overall feels rangebound. Russia winter wheat conditions are reported to made an improvement with the mild winter so far. Look for mixed trade today on a lack of fresh supportive news.
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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