Monday October 28, 2019 by: Eric Peterson
For now, we are not taking wheat at Drayton and the stations as we need to make room for corn and soybeans. Please call with any questions.
Corn closed a fraction lower this morning. Monday’s afternoon Crop Progress report showed corn is 41% harvested vs. 30% last week, behind the five year average of 61%. The harvested total of 41% was 2% below the average trade estimate of 43%. The crop was rated at 58% good/excellent compared to 56% last week. Look for slightly lower trade today as harvest begins to pick up.
Soybeans traded lower overnight with the November contract trading a five cent range. Bids have now rolled to January futures. Yesterday’s crop progress report had soybeans right at the average trade estimate of 62% vs. 46% last week and the five year average of 78%. Look for lower trade today as increased harvest last week is weighing on prices.
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 plantings are at 85% complete compared to 77% last week and the five year average of 82%. Key winter wheat states were ahead of the planting pace over the last five years with the exception of Montana. Look for mostly lower trade today as the market is lacking any fresh news.
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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