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Corn traded lower overnight with the May contract closing just off the overnight low of $3.44. The market continues to trade lower as ethanol plants slow or stop their grind. The ethanol industry struggles with low crude and unleaded gasoline prices as many state governments issue “stay at home” orders for non-essential workers due to COVID 19. Look for mostly lower trade today as corn carryout continues to grow.
Soybeans traded lower overnight but bounced back this morning closing nearly unchanged. Strength in the soymeal market supported soybeans late in the overnight session. May soybeans are still twenty cents off yesterday’s high, but still sixty cents off last week’s low. Look for mostly lower trade as the economic outlook appears rough.
Spring wheat closed a fraction lower this morning, however the overall fundamental outlook appears positive. Domestic and global flour demand remains strong as the consumer stays home to battle COVID-19. Mills try to refill depleted grocery stores. Look for slightly lower trade today as the market may need fresh news to trade on.
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 Bonus||Daily Price Plus||Futures at 8:00am|
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