Morning Market Wire

Monday July 25, 2022                                               By: Eric Peterson

Corn closed thirteen cents higher this morning with the September contract gapping five cents higher off the open.  Support came form a strong wheat market and uncertainty regarding Black Sea exports.  Rains are expected to be mostly on the southern half of the Corn belt while most of Iowa and north is expected to be dry.  Look for mostly higher trade today following strength in the wheat market.        

Soybeans traded higher overnight following the strength in corn and soybeans.  November soybeans currently sit $1.30 off the high for July, last Friday’s low was $12.88 so about $1.80 trading range in July so far.  Extended forecasts look spotty with low rain amounts for much of the corn belt.  Look for mostly higher trade getting support from other commodities.                  

Spring wheat gapped higher off the open and remained higher the entire evening.  Support came on news that a Russian missile strikes on Odesa in Ukraine, a major export city on the Black Sea.  The strike has cast doubt on the grain deal that was reached last week.  Look for mostly higher trade today on uncertainty in Russia and Ukraine.     

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$13.70$13.50$13.34
CZ22 Oct2$6.15$5.95$5.78
MWZ22 Dec22$9.55$9.35$9.06
Old Crop PremiumNew Crop TargetTrigger Date
0.2710.20 MWZ2211/23/22
0.30$14.00 SX2210/21/22
0.28$6.00 CZ2211/25/22

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