Morning Market Wire

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 BonusDaily Price PlusFutures at 8:00am
SX22 Oct22$13.80$13.55$13.27
CZ22 Oct22$6.50$6.30$5.85
MWZ22 Dec22$10.05$9.85$9.30
Old Crop PremiumNew Crop TargetTrigger Date
0.2810.60 MWZ2211/23/22
0.2315.00 SX2210/21/22
0.207.00 CZ2211/25/22

Any information, materials, and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.  CHS makes no warranties, representations, or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness, or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.

© 2022 CHS Inc. | Cookie Preferences