Daily Ag Direction 4/24/24
Good Morning!
After 5 sessions of trading up, wheat seems to be taking a break this morning as the focus is on the HRW belt and the forecast for rain over the next few days. Maps show little rain for SW KS and N. TX Panhandle but more rain is predicted for Central Kansas and Oklahoma. The crop seems to be holding on but can't afford to miss this moisture forecasted. The SRW crop is still looking to be in excellent shape. This break out on wheat has pushed the row crops higher as well without significant fundamental change.
Corn planting will face some hold ups the next 7 days if the forecasted rains come to fruition but shouldn't pose an issue with how fast the crop can get planted. U.S. ethanol report will be out later this morning from EIA. It remains to be seen if the plants will return to normal production after last week's large decline.
May KC Wheat +3.75 @ $6.1250
July KC Wheat +2.25 @ $6.1650
May Corn -3.75 @ $4.3925
Dec Corn -1.75 @ $4.73
May Beans +4 @ $11.7150
Nov Beans +1.5 @ $11.7550
Aug Feeders -.125 @ $259.275
June Live -.10 @ $177.050
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
