Morning Market Wire

Corn opened lower and continued lower through the overnight session.  September corn traded a 10 cent range overnight.  Yesterday’s crop condition report showed corn at 57% good/excellent, down 1% from last week.  Crop consultant Dr. Cordonnier cut his corn yield forecast by 1 bu. to 173 bu per acre amid the continued deterioration of crop condition ratings.  Look for the market to remain volatile as rain remains in the forecast for much of the corn belt. 

Soybeans saw two sided trade overnight as the market was on either sided of the 200 day moving average of $13.97.  Yesterday’s crop rating report showed soybeans at 58% good/excellent down 1% from last week and up 1% from last year at this time.  Look for lower trade today as forecasted rains look favorable for the development of the bean crop.    

Spring wheat closed lower this morning after trading ten cents higher at one point last night.  Crop progress showed spring wheat harvest at 16% complete and rated at 64% good/excellent unchanged from last week.  The wheat market remains volatile as the supply is tight and the war in the 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$13.97
CZ22 Oct22$6.45$6.35$6.21
MWZ22 Dec22$9.40$9.25$9.15
Old Crop PremiumNew Crop TargetTrigger Date
0.2510.20 MWZ2211/23/22
0.2115.00 SX2210/21/22
0.206.60 CZ2211/25/22

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