Daily Ag Direction 10/8/24
Markets under negative pressure this morning with soybeans leading the way down falling through recent support levels @ 10.40 Nov. It appears that soybeans could be looking to test previous support levels of ~$10 Nov this week due to good US harvest progress & needed rains in S. America. Brazil is still far behind normal planting progress (4.5% v. 10%), but rain & a favorable October forecast will continue to put pressure on beans.
Although corn is down for the morning, the negative pressure hasn’t erased all the gains from the past week and we are closed to the top of current range than the bottom. US exports inspections were slightly below expectations (37mbu v. 44.4mbu). Brazil exports for January through Sept were smaller than last year by 12MMT as it seems their domestic cattle & energy markets are more competitive locally.
Wheat trade saw buying through the overnight as dry weather continues to bolster the markets. A vessel loading grain in Odesa, Ukraine came under attack that resulted in the death of at least one crewman. Jordan tendered for wheat today and we are awaiting details. Japan looking for 115k mt of milling wheat of which 57k should be US sourced. US and Russian growing regions remain dry in forecasts as Russian FOB values increased about $15/mt to $235.
Dec KC Wheat unch @ $6.04 Resistance @~6.22 / Support @ 5.65
Dec Corn down 2.50 @ $4.2325. Resistance @ 4.30 / support @ 4.10
Nov Beans down .15 @ $10.20 Resistance @~10.40 / Support @ 10.00
If you have any questions, please reach out to your CEA Risk Management Advisor. Have a good day!
Follow the link below to read our latest Daily Ag Direction blog post on the CEA website: https://www.ceagrain.com/news/post.php?id=4456
Thank you & have a good day
Kavan Killian