Morning Market Wire

Tuesday October 25, 2022                                               By: Eric Peterson

Corn traded lower overnight on light demand for U.S corn and decent harvest progress.  $7.00 appears to be overhead resistance, the recent 4 month high is $7.06.  Corn harvest was reported at 61% complete, compared to 45% last week and 52% on average.  Look for lower trade today on harvest progress and slow export business. 

Soybeans closed unchanged this morning with the November contract trading an eleven cent range.  The market was slightly firmer overnight on recent increased demand, however gains were limited from rapid harvest progress.  Soybean harvest is 80% complete compared to 63% last week and a five year average of 67%.  Look for higher trade today on improved export demand for U.S soybeans.        

Spring wheat was lower overnight with the December contract closing seven cents lower.  The market was under pressure after another dismal week of export sales, ongoing shipments from Ukraine, and forecasts for beneficial rains across the southern plains.  Winter wheat seedings were reported at 79% complete compared to 69% last week.  Look for mostly lower 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.)

Price Builder BonusDaily Price PlusFutures at 8:00am
SX23 Oct23$13.85$13.70$13.45
CZ23 Oct23$6.60$6.40$6.20
MWU23 Sept$9.75$9.50$9.43
Old Crop PremiumNew Crop TargetTrigger Date
0.4511.00 MWU238/25/23
0.4515.00 SX2310/21/23
0.307.00 CZ2311/15/23

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