Friday December 20, 2019 by: Eric Peterson
Corn saw a quiet overnight session as the March contract traded a relatively narrow two cent range. Yesterday, prices were the victim of profit taking, which put pressure on the market. Prices drew additional pressure from improving weather conditions in Argentina. Look for two sided trade today without a market driving story.
Soybeans traded two sided overnight in low volume light overnight trade. Yesterday’s export sales for soybean meal were not good, posting the lowest total of the year. Brazil weather looks mostly favorable with harvest right around the corner. As of now they are at a discount o U.S soybeans in Feb/March. Look for mostly quiet trade today.
Spring wheat was mixed overnight with the March contact closing a fraction lower. News remains mostly routine. Seeing some spread action with Minneapolis down and strength in KC and Chicago markets. Export sales yesterday were 868,60 which is the highest total of the year. Look for slightly higher trade today as choppy trade across the wheat markets continue.
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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