Tuesday March 30, 2021 By: Eric Peterson
Corn traded lower overnight in a relatively quiet session. The market continues to position itself ahead of the USDA report tomorrow. Some concern for the new crop season tat even with 93/94 million acres, our increase in carryout wouldn’t leave much room for any disruptions during the growing season. Look for mostly quiet trade leading up to tomorrow.
Soybeans were weaker overnight as money positions itself for tomorrow’s report. May soybeans broke their 50 day moving average of $13.91 on the overnight for the first time since last summer. The long term outlook for soybeans looks the most optimistic as big acres and trend lines project a tight carryout for new crop. Soybeans continue to see a loss of upward momentum despite fundamentals remaining supportive, the market looks ahead to fresh news to trade tomorrow.
Spring wheat continues to trend lower as Minneapolis May wheat breaks its 100 day moving average for the first time since December. Yesterdays crop update showed improved conditions in states like Kansas where good/excellent rating improved by 5%. Look for mostly weaker trade today as news remains routine and the focus is on corn and soybeans.
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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