Morning Market Wire

Monday November 18, 2019 by: Eric Peterson

Drayton will be accepting corn today but please CALL BEFORE YOU HAUL.

Corn closed nearly unchanged this morning with the December contract trading a narrow one cent range overnight. Overall, should have been a good harvest weekend again, with propane supply possibly the biggest issue the last few weeks. Export sales are still slow at 574tmt for the week. After a narrow range overnight look for an unchanged open unless there are any unexpected sales reported.

Soybeans traded two sided overnight with the January contract trading a relatively wide seven cent range. Technical support is below at the 100 day moving average of $9.12 with resistance above at the 50 day moving average of $9.25. Trade negotiations continue but any agreement still appear to be a ways off. Look for mostly choppy trade today as any trade progress seems to be lacking.

Spring wheat traded lightly mixed overnight as once the market is lacking any major fresh news. A large global supply along with disappointing U.S export also add pressure to the market. Look for wheat to follow the weakness in corn 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.)

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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