Daily Ag Direction 4/16/24
Good Morning!
The Crop Progress report for 4/15/24 reported winter wheat condition ratings as 8% excellent, 47% good, 32% fair and 13% poor/very poor. These numbers contrast last year as 3% excellent, 24% good, 34% fair and 39% poor/very poor in 2023. Kansas’s G/E rating dropped 6% from last week and Oklahoma fell 8%. After the lack of rainfall last night across the southern plains, expect weather to become a bigger player as our next chance seems to be over the weekend. In north central Oklahoma and south central Kansas reports of .25”-.5” of rain fell sporadically and northwest Oklahoma saw a tenth in places, but for very few acres in the grand scheme of things. Oklahoma is currently reporting 59% of cropland acres have adequate moisture and Kansas shows 34% statewide.
Kansas corn planting is progressing nicely at 13% completed vs. the 5-year average of 10% while Texas reports a 63% completion vs 61% on the 5-year average.
Weekly wheat export inspections came in at 20.3 million bushels which was above trade estimates. Overall there is little outstanding news to push markets higher, but there always remains the unknowns with conflicts in Europe and the Middle East to give the market opportunities to trade. I still believe the market wants more proof that damage has been done to the winter wheat crop across the U.S. and bears will continue to pressure row crops as good planting weather will allow that crop to progress quickly in the near-term.
May KC Wheat +3.5 @ $5.88
July KC Wheat +1.5 @ $5.83
May Corn -0.5 @ $4.31
Dec Corn -1.5 @ $4.68
May Beans -8 @ $11.50
Nov Beans -6.5 @ $11.61
Aug Feeders +$2.225 @ $252.00
June Live +$1.625 @ $175.40
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
