Daily Ag Direction 5/29/24
Good Morning!
Wheat market selling off overnight with no new headlines from the Black Sea to feed the bullish sentiment. New headline this morning is India expects the goverment to remove its 40% tax on wheat imports which could lead to some potential for India to import wheat. Rains in Oklahoma and Texas will slow harvest and more rain is predicted in the coming days.
The corn makret saw lower trade overnight on the break in wheat. U.S. crop progress reports showed national corn plantings now 83% complete, up 14% from last week and above the 5 year average of 82%. More good planting progress should be made this week with favorable weather forecasted.
Soybeans were down overnight. Over the past couple of weeks, beans have rallied mostly on the heels of corn/wheat. Last nights planting number showed beans at 68% which is above average. Unless China gets involved, look for soybeans to be a follower in the comimng weeks.
July ’24 KC Wheat -6.5 @ $7.2475
July ’25 KC Wheat -4 @ $7.53
July Corn -2.25 @ $4.6025
Dec Corn -2.25 @ $4.83
July Beans -6.25 @ $12.2325
Nov Beans -5.75 @ $12.0475
Sept Feeders -.20 @ $265.50
Aug Live -.325 @ $181.50
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
