Monday May 10, 2021 By: Eric Peterson
Corn gapped lower overnight trading lower the entire overnight session. The market seems to be lower on profit taking after hitting eight year highs last week. Last week’s Commitment of Traders report showed that corn specs increased their net long by 18,933 contracts to a new total of 354,464 contracts. Look for mostly lower trade today as traders are seen squaring up their positions in front of this week’s USDA report.
Soybeans traded lower the majority of the session but were able to close a couple cents higher. Weakness came overnight on profit taking after last week’s rally. Planting pace should see another big jump this week and we should see the first glance of emergence. Look for mostly lower trade today as traders square up positions in front of this week’s USDA report.
Spring wheat was lower overnight following the weakness in corn and soybeans. Scattered showers forecasted for parts of North Dakota also provided weakness. The USDA update this afternoon will give us a fresh look at how the Good/Excellent rating changes in winter wheat. Look for weaker trade today on profit taking after the recent rally.
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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