Daily Ag Direction 4/18/2024
Good Thursday Morning!
Wheat markets seeing some recovery this morning following yesterdays downtrend but still not much supportive news to drive the market. Chance of much needed rain for Oklahoma/Kansas this weekend but doesn't look to amount to much volume. Cheap Black Sea exports continue to keep a lid on the wheat market. The SRW crop still looks to be in great condition with record yields possible.
Corn markets are down just a bit this morning. Some storms are projected for the central U.S. with some potential to slow planting down some. Seeing a much drier forecast for Brazil corn moving forward. Argentina corn farmers had high hopes for a great harvest this year after near perfect weather conditions but are now facing a plague of leafhopper insects. The insects are slashing production potential as they spread a disease on plants called spiroplasma.
May KC Wheat +8.75 @ $5.815
July KC Wheat +9 @ $5.78
May Corn -1 @ $4.2925
Dec Corn -2.5 @ $4.6225
May Beans -5.75 @ $11.4375
Nov Beans -5.25 @ $11.56
April Feeder +.575 @ $241
April Live -.15 @ $180.75
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
