Thursday November 7, 2019 by: Eric Peterson
Drayton will be dumping until 5:00pm today due to the excessive moisture of the crop.
Corn closed nearly unchanged this morning as traders position themselves in front of the WASDE report out tomorrow. Delays in harvest progress from high moisture is also providing support to the market. There could be a fair number of acres that have corn standing well into the winter months, if not all the way to next spring. Look for mostly rangebound trade today ahead of tomorrow’s report.
Soybeans traded higher overnight on renewed optimism surrounding the trade war. The Chinese commerce ministry stated that the U.S and China have remained in close communication and hopes both sides will address each other’s concerns in order to agree on phase one of the deal. Look for slightly higher trade today but ultimately quiet as the market expects a positive report tomorrow.
Spring wheat closed nearly unchanged this morning as the Minneapolis followed the weakness from Kansas City and Chicago markets. News is once again routine without any fresh news to change much. Look for slightly higher trade today due to an increase in world demand and concerning planting progress for Kansas City wheat.
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|
|SX20 Oct 20||$10.23||$10.05||$9.72|
|CZ20 Oct 20||$4.25||$4.19||$4.02|
|MZ20 Dec 20||$6.16||$6.10||$5.81|
|Old Crop Premium||New Crop Target||Trigger Date|
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