Morning Market Wire

Monday November 25, 2019 by: Eric Peterson

Corn traded higher overnight, drawing strength from the wheat markets. Poor weather is expected later this week, which will hinder the remaining harvest. The crop progress report this afternoon will likely show corn harvest between 85 and 95% complete. Look for slightly higher trade today.

Soybeans traded two sided overnight with the January contract trading on either side of $9.00. The soybean market has been in a steady decline since mid-October. Last week, January soybeans closed 21 cents lower. Technical support is down at $8.95 with major support near $8.68. Look for higher trade today on strength from corn market.

Spring wheat was stronger overnight, as concerns grow that there could be too much wet weather for the winter wheat crop before they go dormant. Crop progress will be released this afternoon, providing additional insight into the condition of the crop. Look for higher trade today as Minneapolis wheat is likely to bounce as the market is oversold and has been getting close to contract lows.

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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