Friday March 13, 2020 By: Eric Peterson
CHS DRAYTON ANNUAL MEETING CANCELLED
Corn closed a nickel higher this morning as corn is able to bounce off contract lows. Ethanol was down about 4 cents yesterday which is near the all time lows. This should ultimately result to less grind but there is current commitments that need to be covered first. Look for slightly higher trade today as the market rebounds off recent lows.
Soybeans traded lower early last night and saw new contract lows before the buying showed up. May soybeans saw a wide twenty three cent range overnight. News remains related to coronavirus and its global economic impact but we saw some overnight buying on some optimism of better policy. Look for slightly higher trade today as the market evens up positions ahead of the weekend.
Spring wheat traded higher overnight following the strength in corn and soybeans. Wheat exports continue to plug away at 452,300MT which is about 80K reduction from a week ago. We should ultimately meet the USDA target at this pace but with the coronavirus outbreak, there is a risk we could fall behind. Look for mostly higher trade today.
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.)
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