Tuesday November 5, 2019 by: Eric Peterson
Corn is trading slightly higher this morning as harvest progress came in behind the average estimates. The crop progress report showed that U.S corn harvested is now at 52% harvested compared to 41% last week and a five year average of 75%. The market was expecting 54%. The November WASDE report will be released this Friday November 8th at 11am. Look for sideways to higher trade as harvest continues to lag behind and the market awaits the USDA report on Friday.
Soybeans futures traded slightly lower overnight as harvest continues to make progress and there are little supportive trade war headlines to push the market higher. The crop progress report showed harvest at 75% complete, in line with estimates and below the 5 year average of 87% complete. Look for slightly lower trade today as the markets await some sort of confirmation that a deal will be completed between the U.S and China.
Spring wheat found support overnight due to supportive demand in the world market. U.S winter wheat planting came in at 89% planted, slightly ahead of the 88% planted 5 year average. Winter wheat emergence was reported at 71% emerged vs. the 5 year average of 74%. Look for slightly higher trade today as world demand seems to be picking up.
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|
Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances. CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.