Tuesday April 12, 2022 By: Eric Peterson
Corn is higher this morning with December corn making new contract highs for the seventh time in the last nine trading days. The USDA pegged corn planting at 2% complete, unchanged from last week and behind the five year average of 4%. Trade is expected to remain strong on rumors that China may have booked another 79 million bushels.
Soybeans were sharply higher overnight on a strong bean oil market. November soybeans failed to reach $15.00 overnight on overall market uncertainty caused by Russia’s military action in Ukraine. Look for the soybean market to remain volatile.
Spring wheat saw follow through buying overnight as the market continues to find support on the distress in Ukraine. Implications the war has caused on global trade remains to be uncertain. The U.S winter wheat conditions improved 2 points to 32% good/excellent, the second lowest in the last 20 years. Look for mostly higher trade today as conditions worsen in the U.S.
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|
|Old Crop Premium||New Crop Target||Trigger Date|
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