Morning Market Wire

Monday April 19, 2021                                               By: Eric Peterson

Corn futures opened higher Sunday night, with prices strengthening into the morning.  July futures were as high as eleven cents at one point last night.  New crop corn set new contract highs in the overnight session, reaching $5.20.  Freezing temperatures throughout the corn belt this week are threatening any recently planted corn and are likely contributing to the strength in the market. 

Soybeans found strength overnight with the July contract up fourteen cents at one point.  Soybeans still appear to be in a bull market with U.S weather cooler than normal and not ideal.  November soybeans got within a penny of its contract high of $12.85.  Given the technical and fundamental factors as of late, look for soybeans to continue trading firmer, testing old contract highs. 

Spring wheat traded higher overnight with Kansas City wheat leading the way due to the freezing temps that could severely damage the winter wheat crop.  Minneapolis wheat set new contract highs overnight and will need to continue to trade higher given the current acreage battle.    

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 BonusDaily Price PlusFutures at 8:00am
SX21 Oct21$13.40$13.20$12.81
CZ21 Oct21$5.50$5.35$5.20
MWZ21 Dec21$7.30$7.05$6.86
Old Crop PremiumNew Crop TargetTrigger Date
0.307.20 MWZ2111/19/21
0.1614.80 SX2110/22/21
0.305.40 CZ2111/19/21

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