Morning Market Wire

Thursday November 14, 2019 by: Eric Peterson

Drayton will be accepting dry soybeans today only. Please no corn and no wet soybeans today.

Corn closed a fraction higher this morning. December corn traded a narrow three cent range overnight. The market has been under pressure as of late in sympathy of the wheat market and ideas that supplies are plentiful despite delays in this year’s harvest. Look for choppy trade today as the market attempts to hold on to gains from overnight.

Soybeans were weaker overnight with the January contract closing two cents lower. Pressure seems to be coming from the appearance that a U.S/China Phase 1 deal may not be that close after all. China wants tariffs dropped and doesn’t want to commit to volume. Look for mostly lower trade on continued good South American growing conditions and tensions with China trade.

Spring wheat traded lower overnight on waning concerns of damage to the recently planted winter wheat crop from this week’s frigid temperatures. Dry weather conditions for the next week or so looks beneficial for the Australian wheat harvest. Look for mostly choppy trade today as the market awaits new news to trade on.

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.)

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!

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