Morning Market Wire

Wednesday November 9, 2022                                               By: Eric Peterson

Corn closed two cents lower this morning on positioning ahead of the 11am USDA report.  Many traders are expecting yield, production, and carryout to be slightly higher.  December corn has dipped toward the 200 day moving average of $6.64.  It hasn’t traded below its 200 day moving since Aug 22nd.  Look for mostly lower trade ahead of today’s report.      

Soybeans were weaker overnight on lower soybean oil and higher meal.  Weather maps for Argentina continue to trend wetter for next week which could provide some needed relief and allow planting to begin.  Soybeans are expected to remain strong on good demand and poor weather in South America.        

Spring wheat traded both sides overnight but turned lower around 7am.  Today’s report is expected to show only minor changes to the balance sheet.  France cut its wheat export forecast lower by 100,000MT.  The market is expected to remains volatile as demand is slow.    

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$14.18$14.05$13.86
CZ23 Oct23$6.50$6.35$6.17
MWU23 Sept23$9.65$9.55$9.42
Old Crop PremiumNew Crop TargetTrigger Date
0.4511.00 MWU238/25/23
0.4515.00 SX2310/19/23
0.307.00 CZ2311/25/23

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