Daily Ag Direction 10/3/2024
Good Morning!
The wheat market set back overnight after the recent rally seeing KC wheat add almost $1 from the recent lows. The dryness in the US and Russia will see a bid under the market but things look to be overvalued today for what we know. This rally has been a good selling opportunity for the producer.
The corn market also took a breather overnight following its nice run recently. Markets have a good feel for the US production and the continued dryness in South America will keep a bid under the markets until they see some moisture.
The soybean market is down today with good chances for rain coming into Brazil allowing for more widespread planting.
Dec’24 KC Wheat -2.75 @ $6.165
July ’25 KC Wheat -1.75 @ $6.4825
Dec Corn is -1.75 @ $4.3075
Nov Beans -7.5 @ $10.485
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126