Morning Market Wire

Thursday June 16, 2022                                               By: Eric Peterson 

Corn traded higher overnight with the December contract leading the way higher making a three week high at $7.31 overnight.  The market is going to continue to be reactive to what the weather model forecasts are predicting for precipitation for the next 5 days appear to be dry for most of the Corn Belt.  Look for mostly higher trade today.      

Soybeans are higher this morning following the strength in the soymeal market.  July soybeans have dropped 48 cents from last Friday’s close and November has dropped 40 cents as soybeans have been influenced more so than the grains by the crude oil and macro markets this week.    

Spring wheat was higher overnight with the July contract trading a seven cent range.  The Oklahoma wheat commission pegs their wheat harvest at 55% complete with protein levels averaging between 12 and 13% with yield widely variable.  Look for slightly higher trade with spillover strength from the corn market.    

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$15.87$15.65$15.33
CZ22 Oct22$7.90$7.5$7.32
MWZ22 Dec22$12.95$12.38$12.12
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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