Thursday April 15, 2021 By: Eric Peterson
Corn was stronger overnight with the nearby May contract breaching $6.00 and hitting $6.01. The December contract made new high at $5.17, the highest the December contract has been since April 9th 2014. The overall U.S supply situation remains tight at 1.352bb carryout. The 2021 U.S acres from the March 1 survey were at 91.1 million, which is considered too light and resolving supply. Look for an upward trend today with the cool, dry conditions in the U.S and dry southern Brazil.
Soybeans closed a nickel higher this morning as the market seems to be consolidating within a range as corn seems to be in the leadership role. November soybeans seem to be getting closer the contract high of $12.85. Look for sideways to higher trade today as the tight stocks are providing plenty of support. There just isn’t any fresh news to test new highs.
Spring wheat saw strength overnight as spring wheat areas are overall very dry. Some areas got enough moisture to plant but much more is needed to grow the crop. Rumors of Chinese purchasing U.S wheat and French wheat has given the domestic and global prices a sharp boost higher this week. 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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