Wednesday July 13, 2022 By: Eric Peterson
Corn saw two sided trade overnight with a slightly higher bounce this morning. Old crop carryout increased by 25 million bushels and new crop increased by 70 million bushels, causing a fund selloff yesterday. Weather forecasts remain hot and dry for the next couple of weeks as corn starts to pollinate. Look for mixed trade as weather remains supportive but fund liquidation has outweighed that.
Soybeans were mixed overnight with the market trading a wide 35 cent range overnight. Old crop saw carryout was bumped up 10 million bushels as crush demand was cut by 10 million bushels. The cut to new crop exports was a surprise as new crop exports have been the 2nd strongest on record for this point of the year.
Spring wheat bounced higher overnight after a couple of days of selling off. Technical support for the September contract is below at $8.70. The U.S supply continues to grow with winter wheat harvest going strong. Overall winter wheat protein seems to be higher than normal. Look for slightly higher trade today as we trade levels not seen since February.
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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