***To protect our employees during the Coronavirus Pandemic, Drayton and all locations will be closed 4/03 and every Friday until further notice***
Corn closed two cents lower this morning with the May contract trading a narrow four cent rang overnight. July corn futures are lower for the 7th consecutive day. Fear over the coronavirus has sent some traders to the sidelines as corn open interest is down nearly 15%. Look for mostly weaker trade today on estimates of big acres and a lack of any bullish news.
Soybeans traded lower overnight with pressure from a weaker soymeal market. Planting has already begin in the Southern states. The first crop conditions report of the season is scheduled for the afternoon. Soybean harvest in Brazil has reached 86% ahead of last year’s pace of 86%. Look for mostly weaker trade today on coronavirus fears and a slight improvement with South American logistics.
Spring wheat bounced higher overnight session once again with the May contract just off the overnight high of $5.32. Chicago and Kansas City markets are both up ten cents Cold temps that have stretched into Colorado and Arizona appear to be providing support. Wheat is seeing a nice bounce after a sharp selloff last week. The market has been extremely choppy lately, and pattern will likely continue 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.)
|Price Builder Bonus||Daily Price Plus||Futures at 8:00am|
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!
|Old Crop Premium||New Crop Target||Trigger Date|
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