Monday October 28, 2019 by: Eric Peterson
Corn traded lower the entire night closing two cents lower this morning. Harvest continued over the weekend in the western belt while the eastern belt continues to sty wet and see delays. Today’s progress report is expected show harvest at 40-45% complete, behind the five year average of 61%. Look for mostly quiet trade as the market seems content staying with the $3.75 to $4.00 range.
Soybeans found strength overnight with the November contract closing three cents higher this morning. First notice day is October 31st. Soybean harvest estimates are between 64% complete on the low end and 68% on the high end, the five year average is 76%. Look for two sided trade today as the market waits for news on the U.S/China trade war.
Spring wheat closed unchanged this morning with the December contract trading a narrow two cent range. The markets seem to be feeling some weakness as news remains light. Winter wheat will see its first crop rating this afternoon, with the good/excellent rating expected to come in at 54-55%.
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|
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!
|Old Crop Premium||New Crop Target||Trigger Date|
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