Morning Market Wire

Tuesday June 8, 2021                                               By: Eric Peterson

Corn traded much higher overnight as dry and hot conditions are expected for much of the western corn belt.  Yesterday’s crop progress report showed conditions in the good/excellent category at 72% vs. 74% expected and 76% last week.  Look for continued strength to start the day as the market remains very reactive to the weather forecasts.                 

Soybeans found strength overnight with support from hot and dry weather in the forecasts for much of the western Corn Belt.  Soybeans conditions were estimated at 67% compared to 70% expected.  Stronger today but volatility will continue due to the any changing weather forecasts.                 

Spring wheat was higher overnight following the strength in the corn and soybean markets.  Extreme volatility in the Minneapolis wheat market continues with the September contract reaching a new high yesterday then trading lower, making a 64 cent range. 

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$14.85$14.67$14.47
CZ21 Oct21$6.40$6.20$6.08
MWZ21 Dec21$8.50$8.25$7.90
Old Crop PremiumNew Crop TargetTrigger Date
0.329.00 MWZ2111/19/21
0.2615.80 SX2110/22/21
0.306.80 CZ2111/19/21

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