Daily Ag Direction 9/30/24
Good Morning!
Market still concerned about dryness in the southern US and Russia regarding the 2025 winter wheat crop. Russian FOB values are still around $217/mt so the current trading range will have some difficulty breaking out. Grains are awaiting the quarterly stocks repot today at 11 am where there is little expected in terms of fireworks. Corn is trading near $4.20 which would be a bullish indicator if it could close above that number. Funds covered 4k contracts. Soybeans could bring corn along for a ride if strength continues, but they are off this morning. The Mato Grosso bean crop gets planted in October so weather concerns there will be watched closely. Quarterly grain stocks report can be a mover for soybeans this time of year so we will watch that for further direction.
Dec KC Wheat +5.5 @ $5.83
July 25 KC Wheat +4.5 @ $6.12
Dec Corn +0.0 @ $4.18
Dec 25 Corn +0.0 @ $4.53
Nov Beans -3.0 @ $10.63
Nov 25 Beans -1.2 @ $10.99
Oct Feeders +0.250 @ $245.95
Dec Live +.400 @ $184.875
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!