Friday April 9, 2021 By: Eric Peterson
Corn traded two sided overnight with the December contract reaching a new high of $4.98. For today’s USDA report, corn ending stocks are estimated at 1.396 billion bushels vs. 1.502 billion last month. World ending stocks are estimated at 284.2 million metric tonnes. Look for continued strength today as the funds look to continue to add length.
Soybeans closed a fraction higher this morning with the July contact trading nine cent range. The average trade estimate for soybean ending stocks is 119 million bushels vs 120 million last month. World ending stocks are estimated at 83.4mmt. Look for narrow two sided trade ahead of the report.
Spring wheat closed seven cents higher overnight just off the session high of $6.48. Dryness remains a major concern in the Dakotas, although scattered showers were seen last night. Today’s report is expected to mostly neutral with the average trade estimate for wheat ending stocks at 847 million bushels, same as last month. Look for mostly higher trade today as talk of dryness in the Northern Plains increases.
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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