Wednesday April 14, 2021 By: Eric Peterson
Corn traded higher overnight as the bull market continues. The December contact saw another fresh contract high at $5.10. Overall global demand remains strong with the robust U.S export program. Weather forecasts look mostly clear for the Corn Belt with below normal temperatures while the southern portion of Brazil continues to be dry. Look for strength today as the trend is higher with the cool, dry conditions.
Soybeans were higher overnight with the July contract closing up seven cents. Soybean oil is mixed while the soybean meal market is $2/ton higher. The NOPA crush report is to be released tomorrow. Expectations are for 179 million bushels, up significantly from February as strong global demand for edible oils is driving the strong crush. Look for strength today after finding technical support yesterday.
Spring wheat continued to trade higher overnight with the May contact closing six cents higher. North Dakota got a mix of snow of rain yesterday for much of the state. It isn’t enough to ease the drought concerns in the state as the forecasts turn dry again for next week. Look for mixed trade today as spring wheat areas still have major concerns but winter wheat areas are seeing good moisture conditions.
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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