Wednesday May 26, 2021 By: Eric Peterson
Corn was mixed overnight with old crop higher and new crop lower as that spread continues to widen. New crop corn prices are down 19% from their May 7th high. They continue to be pressured by rain in the forecast and concerns that planted acres could be higher than the USDA estimates. Look for lower trade today on favorable weather and fund selling.
Soybeans were two sided overnight but seeing pressure early this morning. Old crop soybean bids have now rolled to November futures. Technically, the trends remain higher for July and November soybeans but prices have not challenged new highs since May 12th. Look for slightly lower trade today on good planting progress and rain in the seven-day forecast.
Spring wheat closed a penny lower this morning with the July contract trading a five cent range. Wheat opened the evening session higher on an unexpected slide in crop condition ratings. The technical trend for July Minneapolis wheat remain higher with prices near important support levels. Look for mixed trade today with pressure from a rainy forecast.
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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