Friday July 24, 2020 By: Eric Peterson
Corn closed a penny lower this morning after trading a narrow three cent range overnight. December corn remains range bound but it is now closer to the $3.42 to $3.43 gap than the contract low of $3.22. Overall U.S weather remains non-threatening with extended forecast showing normal to below temps and precipitation of below normal north to above normal in the Southern corn belt areas. Look for mostly steady to mixed trade to end the week.
Soybeans closed a fraction higher this morning with the November contract closing three cents off the overnight high. The market continues to find support on increasing China demand. The U.S is seeing more China demand that last year or two, they are on track to import a record number of soybeans. Look for steady to higher trade as we see if the November contract can close above the $9.00 mark.
Spring wheat closed three cents higher this morning as Minneapolis wheat continues its choppy trade. Seeing some global issues as dryness continues in Argentina as they plant or have planted already. France is 71% harvested of its soft wheat crop but overall the crop is smaller than last year. Look for higher trade to finish off the week.
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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