Morning Market Wire

Thursday May 27, 2021                                               By: Eric Peterson

Corn traded two sided overnight but turned firm around 7am as we some follow though buying.  The December contract has bounced higher after hitting a recent low of $5.00 which will act as technical support.  Overall, the corn situation has relatively decent weather, through a few scattered areas are dry while other areas see cool temps.  Look for mostly quiet trade on favorable weather and lack of fresh news.             

Soybeans closed four cents higher this morning with the November contract trading an eighteen cent range overnight.  November soybeans currently sit below $13.50 with technical support below at the 50 day moving average of $13.13.  Technically, the trends remain higher despite two weeks of lower closes.             

Spring wheat opened the session higher and continued to be higher at the break this morning.  The seven day forecast remains mostly dry for spring wheat areas and for white wheat in the Pacific Northwest.  However, heavy rains are forecasts for the southern Plains that may cause some flooding.  Look for continued strength on what looks like a technical correction.              

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$14.15$13.85$13.51
CZ21 Oct21$5.70$5.45$5.27
MWZ21 Dec21$7.65$7.45$7.09
Old Crop PremiumNew Crop TargetTrigger Date
0.258.00 MWZ2111/19/21
0.2915.00 SX2110/22/21
0.256.00 CZ2111/19/21

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