Monday April 12, 2021 By: Eric Peterson
Corn closed unchanged this morning and nine cents off the overnight high of $5.71. The market still trades the Friday’s USDA report of tighter carryout supply of 1.352bb. Many U.S corn growing areas have received precipitation in the past week, the largest issue still seems to be the far western corn belt. Look for strength today as dryness in Brazil is impacting their safrinha crop.
Soybeans were lower overnight with the July contract trading a wide fifteen cent range. Pressure came in lower soybean oil prices as they are down around 1.5$. Soybean oil futures are getting pressured by sharply lower Malaysian palm oil futures. Look for mostly lower trade today as November soybeans continue to stay within the $12.50 to $12.85 trading range.
Spring wheat is lower this morning as parts of North Dakota and Northern Minnesota are forecasted to see precipitation over the next couple of days. The precipitation forecasted for ND this week will likely not be enough to satisfy the drought conditions for much of the state. Look for weakness today as the global production looks to be in good shape.
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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