Wednesday April 21, 2021 By: Eric Peterson
Corn was higher overnight as the bull market continues with fresh contract highs overnight. The nearby May contact reached new contract high of $6.14, while December corn traded as high as $5.33, however the market backed off some into the close this morning. The tight supply situation doesn’t appear to have slowed demand yet. Look for higher trade today as futures are under some light pressure early this morning after making new highs in the front month.
Soybeans were stronger overnight with the July contract trading as high as $14.72 and November at $13.08. The November contract couldn’t quite hit the contract high made yesterday. Supplies remain tight with decent demand although exports are slowing. Soybeans are well off their highs this Morning after failing at the same level twice now. If prices do not hold, we could see a minor correction.
Spring wheat traded higher overnight but well off the session highs. Cold temps are across the winter wheat areas and dry concerns across the spring wheat areas seem to be providing support to the market. Minneapolis wheat seems to be running out of steam technically, but needs to stay competitive to buy acres this spring.
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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