Morning Market Wire

Friday October 28, 2022                                               By: Eric Peterson

Corn closed two cents lower overnight with the December contract trading a narrow three cent range overnight.  Technical support is at the 50 day moving average of $6.76.  The past nine sessions have traded a range from $6.74 to $6.89.  Mexico plans to reduce their corn imports from the U.S by half and look to source their needs directly from farmers in the U.S and South America.  Look for lower trade today on demand concerns.    

Soybeans were two sided overnight and turned lower early this morning.  Prices drew pressure from concerns of slowing demand after recent interest from China and Unknown.  November soybeans saw a fifteen cent range overnight with a weekly range from $13.66 to $13.97.  Look for lower trade on spillover weakness in other markets and demand concerns. 

Spring wheat was lower overnight on stronger U.S dollar and improved conditions for the U.S and Argentina wheat areas.  Recent rain events across the Southern Plains have been beneficial to the newly planted winter wheat.  Look for lower trade on strength in the U.S dollar. 

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$13.48
CZ23 Oct23$6.60$6.40$6.19
MWU23 Sept23$9.65$9.50$9.31
Old Crop PremiumNew Crop TargetTrigger Date
0.4511.00 MWU238/25/23
0.4515.00 SX2310/21/23
0.307.00 CZ2311/25/23

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