Tuesday June 21, 2022 By: Eric Peterson
Corn traded lower overnight after the long weekend. July corn closed 17 cents lower this morning and just off the overnight low of $7.63. The USDA announced on Friday sales of 144.907tmt new crop corn to Costa Rica and 105.664tmt old crop to unknown. The corn market has given back all of last week’s gains and more, as it removes some of the weather premium from prices.
Soybeans gapped lower overnight as the July contract touched the 50 day moving average of $16.81. The U.S sees hot and rather dry weather but not as critical as August weather. Look for mostly lower trade today on improving weather forecasts, along with weak soyoil and palm oil prices.
Spring wheat traded lower overnight as the U.S wheat supply is larger today than it was last week with U.S winter wheat harvest adding to U.S supply. Weather looks to be mostly favorable with warmer temps and scattered rains. Wheat prices are off there overnight lows but still weak, with KC and Chicago near their 100 day moving averages.
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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