Wednesday February 5, 2020 By: Eric Peterson
Drayton and all locations will be closed Wednesday Feb. 12th for employee training.
Wednesday 2/5- Drayton will be taking dry 14.0 pro wheat, wet/dry soybeans, and dry corn. Please call for wet wheat.
Corn saw quiet trade overnight with the March contract closing a fraction higher. It seems the market is settling into some new trade ranges with the lackluster news. March corn is very close to the fifty day moving average of $3.83. The 100 day moving average is above at $3.88. Look for slightly higher trade today with market picking up support form rains in Brazil which will delay the Safrinha corn planting season.
Soybeans closed six cents higher this morning with the March contract closing two cents off the overnight high of $8.88. This is the third consecutive session that soybeans have closed higher. Support came overnight on strength in the stock market and a bounce in the energy market. However, gains will be limited from slowing demand as the coronavirus continues to spread throughout China.
Spring wheat followed the strength in the soybeans market with March Minneapolis wheat closing four cents higher this morning. Support came on strength in the equity markets. For the most part news remains light as the market is trying bounce off the low end of the range. The U.S southern plains should see beneficial moisture from this week’s rain/snow winter storm that is moving from the south.
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.)
Below is the third compass contract we offer which pays you a premium for your old crop for potentially selling the same amount of new crop. You only sell the new crop if the futures are equal to or greater than the target price on the trigger date. There are many different premiums and target prices available. Please call for more info!
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