Daily Ag Direction 5/24/24
Good Friday Morning!
Markets seem to be squaring away for the long 3 day weekend as markets will be closed Monday and won't reopen until Tuesday morning at 8:30am. Committment of Traders report out this afternoon will give us a better feel for where the funds are at currently.
KC wheat traded higher overnight with new crop 24 putting in new highs for the move. Weather maps are wet for both Texas and Oklahoma and will cause some harvest delays and possibly some quality issues. We have seen some talk that Brazil may be in for some US HRW as Argentine FOB values have rallied to over $300mt. French wheat crop ratings declined 1% to 63% G/E and maps look to remain wet.
Corn futures remain slightly higher. Weather is the primary driver of the board prices with still enough risk of excess moisture to keep the bullish sentiment.
Soybeans have trended higher this week despite U.S. export sales not being desirable. China is usually 50% of US export sales but as Brazil continues to get larger, the U.S. window to capture business narrows.
July KC wheat is up 2.25 @ $7.13
July Chi wheat is down 4.5 @ $6.93.50
July beans are up a half cent @ $12.3975
Nov beans are down 1.25 @ $12.1475
July corn is down 1.25 @ $4.6275
Dec corn is down a half a cent @ $4.86
August Feeders are down 1.20 @ $260.25
June live cattle are down .125 @ $183.40
If you have any questions, don't hesitate to reach out to your risk management advisor and have a great Memorial Day Weekend!
