Wednesday April 7, 2021 By: Eric Peterson
Corn traded higher overnight as ranges remain narrow 2-4 cents. The May contract stayed above its 50 day moving average of $5.47 after testing it last week. The December contract has a gap below at $4.80 to $4.77 with its 50 day moving average at $4.66. Export demand and domestic demand both remain strong. Look for mostly higher trade today.
Soybeans were higher overnight as the U.S carryout of 120mb remains tight and farmer planting intention surveys were lighter on acres than expected. The November contract has consolidated near the high end of the trading range with the contract high at $12.85, last week’s low was $11.84. The average trade estimate for U.S carryout on Friday is 119mb, range of 110 to 135mb, last month was 120mb. Look for continued strength today.
Spring wheat was mostly higher overnight although a few contracts saw a brief dip into the negatives. Minneapolis wheat leads the push as the upper Midwest remains very dry with little rain in the nearby forecasts. The average trade estimate for USDA U.S carryout is 847mb, with a range of 827mb to 872mb. The USDA was 836mb last month. Look for mostly higher trade 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|
|Old Crop Premium||New Crop Target||Trigger Date|
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