Monday April 5, 2021 By: Eric Peterson
Corn was mixed overnight as the old crop/new crop gap tightens. According to the latest planting intentions report the U.S farmer is poised to plant less corn acres than many expected. U.S weather and field conditions remain on the dry side. The 6-10 day forecast is slightly wetter for the Eastern Corn Belt, while the 11-15 day looks much drier which should help corn planting. Look for continued mixed trade today with new crop continuing to gain on old as traders focus on acreage.
Soybeans were higher overnight as the market continues to digest last weeks USDA report. The USDA pegged planted acres at 87.6 million on last week’s report compared to the average estimate of 90 million. Technical support for the November contract is below at the 20 day moving average of $12.32 with resistance above at $12.85. Look for strength today as the market gapped higher overnight with stocks very tight and more soybean acres needed.
Spring wheat closed a penny higher this morning after trading a narrow four cent range overnight. The U.S northern plains are dry and the forecasts looks to remain dry as planting is expected to pick up this week. Look for quiet uneventful trade today as wheat is likely to follow corn and soybeans 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|
|SX21 Oct 21||$13.80||$13.20||$12.76|
|CZ21 Oct 21||$5.40||$5.25||$4.90|
|Old Crop Premium||New Crop Target||Trigger Date|
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