Daily Ag Direction 5/30/24
Good Thursday Morning!
Wheat markets were down overnight and into the morning session, with some profit taking as Ukraine is seeing some rains move in today and tomorrow. While there is a warm front moving through Russia, rains move in next week. This will be a losely watched system as only about half the crop is forecasted to get rain. Market noise yesterday was about India looking to import quite a bit of wheat this summer but its important to note similar articles ran last spirng and didn't amount to anything.
Despite the recent wet weather, the general consensus is that the corn and soybean crops will get planted across the midwest with this week bringing in another brief planting window before rains start moving in today/tomorrow. USDA will issue their first corn conditions rating on Monday with emergence trending well behind last year.
July ’24 KC Wheat -4.5 @ $7.1525
July ’25 KC Wheat -2.75 @ $7.48
July Corn is even at $4.5525
Dec Corn -1.5 @ $4.7725
July Beans +2.25 @ $12.1625
Nov Beans +2.75 @ $11.995
Sept Feeders +.175@ $261.975
Aug Live +.175 @ $180.375
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!