Morning Market Wire

Corn traded higher overnight as it sees a hot forecast ahead.  Futures gapped higher in the open last night as forecasts once again turn hot and dry for the majority of the Midwest.  The market seem nervous about heat/dryness heading toward pollination.  Look for mostly higher trade today on weather concerns. 

Soybeans started the week higher as the market is seeing large gaps from Friday’s close to last night’s open.  Tuesday’s WASDE report is expected to support the soybean balance sheet as production and carryout look smaller than in June give the cut in acres.  Look for mostly higher trade today.    

Spring wheat saw double digit gains overnight on what appears to be a technical correction.  Wheat gained strength overnight on rumors of Chinese interest in export business off the PNW.  Look for the volatile trade to continue as the supply is tight and the war in Ukraine continues. 

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$14.45$14.25$14.05
CZ22 Oct22$6.95$6.75$6.35
MWZ22 Dec22$10.45$10.25$10.05
Old Crop PremiumNew Crop TargetTrigger Date
0.3710.20 MWZ2211/23/22
0.2715.00 SX2210/21/22
0.306.60 CZ2211/25/22

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