Daily Ag Direction 4/17/2024
Happy Hump Day!
Corn markets traded sideways just below the 20 day moving average. Ethanol demand remains strong for now. The upper midwest received a nice boost as good rains fell yesterday and look to continue. Corn looks to be range bound until something changes.
Wheat Markets closed yesterday mixed with KC leading the way higher on the heels of the national crop ratings released yesterday afternoon. HRW areas, especially Kansas are starting to show some stress from the hot and dry weather. SRW crop does seem to be in good shape to this point. Weather seems to be the main driver to bring some volatility back into the market as the HRW areas are hoping for much needed rains this weekend.
The strong US dollar remains a significant headwind to US export sales and the overall sentiment. It serves to take demand away and push to South America as their currency continues to weaken faster than the USD strengthens. China is not a buyer from the US currently.
May KC Wheat -4.75 @ $5.8275
July KC Wheat -5.25 @ $5.7775
May Corn +.25 @ $4.3125
Dec Corn +.25 @ $4.675
May Beans +5.25 @ $11.5025
Nov Beans +2.5 @$11.61
April Feeder +.325 @ $240.675
April Live -.80 @ $180.70
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
