Morning Market Wire

Wednesday April 6, 2022                                               By: Eric Peterson

Corn saw two sided trade overnight but nearby contracts turned lower though some of the deferred contracts remained near unchanged.  New crop 2022,2023,2024 December contracts all made new highs again in yesterday’s trade.  Old crop July corn also made a new contract high yesterday, but prices are retreating this morning in light volume.    

Soybeans are drifting lower this morning after trading two sided overnight.  The July contract saw a 21 cent range overnight.  Soybeans continue to gain back what was lost following last weeks Prospective Plantings report with the soybean meal trading higher as well.  Soybeans are attempting to form a reversal lower on the charts, but volume will remain light until the day session resumes.

Spring wheat traded lower overnight as money seems to be exiting the market.  Russia’s wheat exports to Egypt in March were 24% higher than last year while Egypt’s Ukraine imports declined 42%.  Look for lower prices to start the day but still within yesterday’s ranges.     

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
SX22 Oct22$15.60$14.80$14.52
CZ22 Oct22$7.30$7.10$7.04
MWZ22 Dec22$12.00$11.20$10.76
Old Crop PremiumNew Crop TargetTrigger Date
0.2513.00 MWZ2211/25/22
0.3317.00 SX2210/21/22
0.607.40 CZ2211/25/22

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