Wednesday June 2, 2021 By: Eric Peterson
Corn saw two sided trade in the overnight session as the market takes a break after yesterday’s sharp move higher. The first look at the crop rating had corn at 76% good/excellent, one of the highest initial ratings in the last ten years. Adding to weather concerns is Brazil’s central growing regions which are remaining dry and hot. Look for choppy trade today as this remains a weather market.
Soybeans traded higher overnight as the hot and dry weather forecast continues to provide support. Some reports yesterday indicated there was enough frost damage in some areas to replant but not likely to be widespread enough to the market excited. Look for mostly higher trade today as the market keeps close watch on the weather forecasts.
Spring wheat was higher once again as the dry weather in North Dakota becomes a major concern. Spring wheat’s crop rating fell another 2% to 43% good/excellent the lowest rating since 1988. 73% of North Dakota’s topsoil moisture is considered below adequate. Look for continued strength today as the market trades weather.
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|
|CZ21 Oct 21||$6.10||$5.95||$5.77|
|Old Crop Premium||New Crop Target||Trigger Date|
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