Morning Market Wire

Thursday May 13, 2021                                               By: Eric Peterson

Corn was weaker overnight due to weakness from yesterday’s bearish USDA report.  The 20-21 corn ending stocks number was neutral at 1.257 billion bushels, unchanged from last month.  The USDA reported the 2021-2022 ending stocks at 1.507 billion bushels, far above the average estimate of 1.344 billion.  Look for mostly lower trade today as the market reacts to yesterday’s report. 

Corn was weaker overnight due to weakness from yesterday’s bearish USDA report.  The 20-21 corn ending stocks number was neutral at 1.257 billion bushels, unchanged from last month.  The USDA reported the 2021-2022 ending stocks at 1.507 billion bushels, far above the average estimate of 1.344 billion.  Look for mostly lower trade today as the market reacts to yesterday’s report. 

Spring wheat closed three cents lower this morning with the July contract trading a ten cent range.  The market was lower on spillover weakness from the corn market.  The USDA report lowered old crop wheat exports by 20 million bushels to 965 million bushels and lowered food use by 5 mil. To 960 mil. Bu. which resulted in a 20 million bushel increase in old crop wheat carryout to 872 million bushels.  Look for lower trade today following the weakness in the corn market.    

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$15.10$14.65$14.22
CZ21 Oct21$6.45$6.25$5.83
MWZ21 Dec21$8.40$8.10$7.69
Old Crop PremiumNew Crop TargetTrigger Date
0.328.40 MWZ2111/19/21
0.4515.80 SX2110/22/21
0.356.40 CZ2111/19/21

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