Tuesday November 12, 2019 by: Eric Peterson
Drayton will be closed for dumping today as we are loading a train.
Corn closed a fraction higher this morning after a quiet overnight market. The December contract has failed to break through $3.725 over the previous two trading sessions. Today’s crop progress report is expected to show harvest around 65-68% complete, behind the five year average of 85%. Look for mixed trade today as the market struggles to find buyers to push it higher.
Soybeans saw mixed trade overnight as the market continues to struggle to move higher. Crop progress is expected to show harvest around 86-89% complete compared to 75% last week. President Trump is expected to give a speech at the Economic Club of New York today where he is expected to make comments on trade and an update on where things sit with China. Look for mostly flat trade as the market awaits the President’s comment on trade this afternoon.
Spring wheat traded weaker overnight with the December contract closing just above the overnight low of $5.15. Technically, support lies below at $5.13 with resistance above at $5.27. The market seems to have a weaker tone despite the USDA tightening U.S carryout last Friday to 1.014bb. On a thin news morning, look for all three wheat markets to follow corn and soybeans lower.
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|
Below is the third compass contract we offer which pays you a premium for your old crop for potentially selling the same amount of new crop. You only sell the new crop if the futures are equal to or greater than the target price on the trigger date. There are many different premiums and target prices available. Please call for more info!
|Old Crop Premium||New Crop Target||Trigger Date|
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