Morning Market Wire

Tuesday May 18, 2021                                               By: Eric Peterson

Corn is trying to rebound as the market appears to be oversold the past week.  U.S corn was reported at 80% planted, well above the 68% average for this date but slightly below the estimates.  1.892mmt of corn was inspected for export last week, up 176tmt from the previous week and near the upper range of guesses.  Look for slightly higher trade today.    

Soybeans were higher overnight as the July contract hit $16.00 overnight.  July soybeans have traded $16.00 or above the last 6 sessions but remains nearly 70 cents off contract highs.  Soybeans were reported at 61% planted, well above the 37% average for this date.  Look for slightly higher trade today as soybeans have traded sideways for the past three days.     

Spring wheat bounced higher overnight following the strength in corn and soybeans.  Winter wheat was rated at 48% good/excellent, down 1 from last week.  Spring wheat is 85% planted above the 71% average for this date, and 47% emerged.  Look for slightly higher trade today after yesterday’s sell off.      

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$14.75$14.50$14.07
CZ21 Oct21$6.05$5.5$5.45
MWZ21 Dec21$7.90$7.65$7.33

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