Morning Market Wire

Wednesday June 8, 2022                                               By: Eric Peterson

Corn closed ten cents higher this morning with the July contract trading a 14 cent range.  July corn continues to lead with the strength with the contract nearly 50 cents off the June 1st low.  The 50 day moving average is above at $7.73.  Look for mostly higher trade today as traders remain skeptical about Ukraine’s ability to move their grain.    

Soybeans traded higher overnight as many contracts see new highs.  Conab raised thire 2021-22 soybean crop estimate from 123.83mmt to 124.27mmt and cut exports from 77mmt to 75.23mmt.  Look for mostly higher trade today as both July and November contracts look to hold new contract highs.       

Spring wheat was higher off the open last night as global food and geopolitics dominate headlines and money flow.  Global wheat trade and how it will function over the next 12 months remains a major unknown.  The U.S spring wheat crop continues to get planted as this week should allow for a decent amount of progress.  Look for mostly higher trade today.      

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 of 8:00am
SX22 Oct22$16.09$15.85$15.65
CZ22 Oct22$7.90$7.55$7.20
MWZ22 Dec22$13.50$12.75$12.34
Old Crop PremiumNew Crop TargetTrigger Date
0.2816.00 MWZ2211/23/22
0.3517.00 SX2210/21/22
0.238.00 CZ2211/25/22

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