Daily Ag Direction 5/6/25

Posted on May 06 at 10:58

Good morning!

Corn and bean futures lower again this morning, but not without some dip buyers in the overnight trade that are providing support to the bottom range here. The weather outlook is providing a clear 10 days of planting weather through much of the Midwest that is currently behind average on fall plantings.  USDA reports total corn plantings at 40% vs 39% 5 year avg and soybeans at 30% vs 23% 5 year average. Second crop corn in Brazil, known as Safrinha which makes up ~70% of the total production & is planted behind 1^st crop soybeans, has been progressed with good conditions thus far. The 10 day weather outlook in the Mato Grosso region is dry which will more than likely start the beginning of the expected dry season. Wheat is up currently in today’s session after the top of the current range got sold in the last few trading days. Wheat conditions expected to improve following this weeks rain and in effect funds sold 6k contracts. Extended forecasts in Russia looks dry and production estimates at this time look optimistic, but still possible.

Contract	Symbol	Movement this session	Price	~Resistance	~Support
July 25 KC Wheat	KEN25	Up 5.25	5.38	5.50	5.35
July 25 Corn	ZCN25	Up 1.5	4.56	4.80	4.55
December 25 Corn	ZCZ25	Down 1	4.41	4.55	4.40
July 25 Beans	ZSN25	Down 5	10.40	10.50	10.30
November 25 Beans	ZSX25	Down 2.5	10.19	10.35	10.20

 

Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!

-Kavan Killian 806.753.7099 RMA TX/OK Panhandle