Daily Ag Direction 4/25/24
Good Thursday Morning!
Wheat continues to lead the markets with a focus on the US/World crop conditions. The maps seem to leave most of the HRW regions without much relief in the 7-day. A couple of systems are predicted across OK/KS/TX over the weekend but are shifting farther east of the key HRW areas. Russia and Ukraine weather risk is still a factor but seems to have been priced into the markets now. Wheat values are now about 10 cents away from taking out the highs from January.
Corn seems to have been watching wheat looking for direction. Corn doesn't have much technical/fundamental reasons to try to run with wheat but it will be interesting to watch. U.S. ethanol report that came out yesterday wasn't very favorable with production down another 3% for an 11% total decline over the past two weeks.
Soybeans are lower this morning, continuing their downward trend. Questionable chinese demand and very little issues with planting to setup a negative yield or acreage. The Argentine supply is questionable with harvest rains.
May KC Wheat +3.75 @ $6.28
July KC Wheat +3.25 @ $6.3325
May Corn +1 @ $4.3875
Dec Corn +1.5 @ $4.7425
May Beans -11.25 @ $11.5475
Nov Beans -6.75 @ $11.6775
Aug Feeders -.30 @ $256.00
June Live +.30 @ $175.55
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
