Corn traded higher overnight on delays in U.S corn plantings. Biggest delays were said to be Iowa, Illinois, and Minnesota which accounts for 41% of 2021 production. March planting intentions report showed corn acreage at 89.4 million acres. Yesterday’s corn planting report had corn at 14% complete compared to 7% last week and a five year average of 33%. Look for mostly higher trade today as corn planting has gotten off to a slow start.
Soybeans were two sided overnight with the July contract trading 16 cent range. The market opened lower on follow though selling from yesterday and ideas of possible increase in acres this year. Crop progress was reported at 8% yesterday compared to 3% last week and a five year average of 13%. Look for slightly higher trade today rebounding from yesterday.
Spring wheat traded higher overnight with the July contract closing just off the session higher of $11.77. The market found strength overnight as winter wheat conditions declined from 61% fair/excellent to 57%. Spring wheat planting progress was pegged at 19% complete compared to 46% last year and a five year average of 28%. Look for mostly higher trade today on planting concerns.
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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