Corn traded lower overnight with the December contract trading a narrow two cent range. Corn harvest was last reported at 76% complete and is expected to come in at 87% complete on today’s progress report. The December contract seems rangebound between the 50 day and 100 day moving average of $3.68 and 3.72 respectively. Look for slightly lower trade today on continued harvest activity.
Soybeans closed five cents higher this morning with the January contract closing just off the overnight high of $8.90. The market traded higher overnight on anticipation of a slower harvest pace due to unfavorable harvest weather. Last week’s soybean harvest was pegged at 83% complete, behind the five year average of 89%. Look for mostly higher trade today.
Spring wheat closed a fraction lower this morning after trading a narrow two cent range. The market was down overnight on fund selling after yesterday’s rally. The market found support yesterday on short covering and poor weather in Kansas. Heavy snowfall across Kansas will likely delay the last of winter wheat planting. Look for mixed 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.)
|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 is 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|
|Futures markets as of 8:30 AM|
|Kansas City HRW:||KWEZ18||4.88||+0.01|
|CHS Drayton Cash Prices|
|Spring Wheat:||5.37||-0.45 basis||Nov||Delivered Drayton|
|Winter Wheat:||4.08||-0.80 basis||Nov||Delivered Drayton|
|Corn:||3.08||-0.60 basis||Nov||Delivered Drayton|
|Soybeans:||7.38||-1.50 basis||Nov||Delivered Drayton|
Spring Wheat Protein Scales
-.03 cents ea. 1/5 down from 14.0% to 13.0%
-.03 cents ea. 1/5 down from 13.0% to 12.0% (Max -0.40)
+.02 cents ea. 1/5 from 14.0% to 15.0%
Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances. CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.