Morning Market Wire

Tuesday July 26, 2022                                               By: Eric Peterson

Please join us TODAY July 26th 2:00pm-5:00pm with for the Open House of our new Elevator! We will be giving tours and supper will be served. 

Corn is higher this morning after a reduction to the crop rating on yesterday’s report.  Yesterday the USDA had corn at 61% good/excellent a 3% drop from last week.  U.S weather remains front and center as many experts are concerned about the overall corn yield.  Look for mostly higher trade today with condition lower than expected and news of the Russians shooting missiles along Ukraine’s coast last night.          

Soybeans traded higher overnight with support form soymeal and soyoil.  Conditions yesterday showed the good/excellent category at 59% vs 61% last week and 60% expected for this week.  Look for higher trade today as the market gather support form a stronger global edible oil market and from a very firm soymeal market.                    

Spring wheat traded higher overnight on more distress in Ukraine.  Russia has fired more missiles overnight in the Odesa region of Ukraine and the Mykolaiv region.  The market continues to have concern on how much wheat will be exported out of the Black Sea region.  Spring wheat conditions dropped to 68% good/excellent vs 71% last week and 9% last year.  The spring wheat tour begins today in Fargo N.D.       

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$14.20$13.90$13.73
CZ22 Oct22$6.35$6.15$6.00
MWZ22 Dec22$9.35$9.20$9.13
Old Crop PremiumNew Crop TargetTrigger Date
0.2710.20 MWZ2211/23/22
0.3014.40 SX22 10/21/22
0.286.00 CZ2211/25/22

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