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Corn closed three cents higher this morning with the May contract closing at $3.37. December corn continues to stay right around $3.50, just above the contract low of $3.46. Large managed money funds are estimated short 133k, which leaves the market open for a short covering rally. Look for limited gains today as corn continues to follow the crude market.
Soybeans traded higher overnight with the May contract closing three cents higher. The market saw a pop yesterday on news that Saudi Arabia and Russia had come to terms on production cutbacks going forward. The Buenos Aires Grain Exchange cut its Argentine soy crop forecast to 49.5 mil tons from its earlier 52 mil tons. Port logistics remain an issue in Argentina. Look for slightly higher trade today.
Spring wheat bounced higher overnight with the May contract closing at the overnight of $5.26. The market remains choppy although the overall fundamental situation appears friendly. Kansas saw abnormally low temperatures overnight, which could be providing additional support to the market. Look for slightly higher trade 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.)
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