Daily Ag Direction 5/23/24
Markets looking choppy this morning as we approach the three day weekend with international headlines nudging risk on while sellers temper the rally. Corn has emerged as the leader to the upside this morning supported by decent export numbers to Mexico and estimates for Brazil's safrina corn crop hovering around 10% below last year's production. Beans also narrowly in the green as both nearby and new crop contracts are attempting to take out the May 7th highs. Wheat markets continue to follow the Paris exchange and dipped lower early this morning but are now mostly higher. Russia's potential production issues due to dryness still front and center in the wheat complex.
July KC wheat is up 2 at 7.01
July Chi wheat is down 1 at 6.92
July beans are down 2 at 12.44
Nov beans are flat at 12.18
July corn is up 4 at 4.65
Dec corn is up 3.5 at 4.87
May feeders are down .35 at 250.025
June live cattle are down .05 at 184.125
If you have any questions, don't hesitate to reach out to your risk management advisor and have a great day!
