Monday November 4, 2019 by: Eric Peterson
Corn traded lower overnight as the U.S saw a heavy harvest weekend. Weather allowed producers to make decent progress. Harvest progress is expected to have reached 55% over the weekend as there were no major weather issues across the Midwest. Harvest progress was 41% complete last week, and 74% complete last year at this time. Last Friday a few yield estimates were released.. 168.6 and 170bpa, both above the last USDA estimate of 168.4 bpa. Look for choppy trade ahead of today’s progress report.
Soybeans futures traded slightly higher overnight due to continued optimism surrounding trade talks and hopefulness that “phase one” of the trade deal will be completed this month. Decent harvest progress over the weekend is expected bring harvest to 72% complete, compared to 62% complete last week. The market will continue to find strength as we trade optimism from trade war headlines.
Spring wheat traded lower overnight across all three exchanges due to a general lack of fresh news to support the market. Below average temperatures over the next 10 days are expected to cause the winter wheat crop to enter dormancy. Continue to see lower trade as the world supplies continue to increase and demand remains poor.
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||Triger|
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