Thursday May 12, 2022 By: Eric Peterson
Corn traded higher overnight holding support from yesterday but the market is eagerly waiting for the USDA’s first new crop estimates of the year later this morning. The market is expecting new crop ending stocks to be 1.352 billion bushels and production to be at 14.773 billion bushels with the yield at 179.6 bu/acre. Look for higher trade leading up to the report.
Soybeans saw double digit losses this morning as soybean oil is over 1% lower. Trae estimate for U.S new crop ending stocks on today’s WASDE report is 317 million bushels and production is expected to be 4.613 billion bushels with a yield of 51.4 bu./acre. Look for lower trade to start the morning but driven by the results of the WASDE report later this morning.
Spring wheat was slightly weaker overnight on profit taking after a couple of big up days. North Dakota and Minnesota planting remains delayed. All wheat production for today’s report is expected to be at 1.791 billion bushels. Look for lower trade to start the morning with the report driving the market later in the day.
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|
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.