Morning Market Wire

Tuesday April 19, 2022                                               By: Eric Peterson

Corn traded higher overnight as the market made new contract highs once again but have since backed off the highs.  May and July contracts hold on to levels above $8.00 futures, the continuous chart for July futures shows $8.24 as the highest level we’ve ever traded to and that was August 2012.  Look for the upward trend to continue although we are due for a correction. 

Soybeans were mixed overnight as the market trades a lot of the same news.  May and July futures approach the highs of late March but remain a ways off contract highs that were hit in late February.  Yesterday’s crop progress report showed the first planting figures at only 1%, the average is 2%.  Today’s market will attempt to continue off yesterday’s strength.           

Spring wheat was two sided overnight as overall wheat is influenced by the talk of unprecedented commodity inflation and rising prices.  The USDA pegged winter wheat crop conditions at 30% good/excellent, the lowest rating for this time of year in nearly two decades.  Look for the trend to continue higher.            

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$15.80$15.30$15.15
CZ22 Oct22$7.85$7.65$7.47
MWZ22 Dec22$12.25$11.95$11.63
Old Crop PremiumNew Crop TargetTrigger Date
.7213.00 MWZ2211/23/22
.4517.00 SX2210/21/22
.607.40 CZ2211/25/22

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.

© 2022 CHS Inc.