Daily Ag Direction 10/9/2024
Good Morning!
Hurricane Milton is set to hit west-central Florida Gulf Coast Wed night/Thurs morning. The path targets south of Tampa, a key US phosphate production area. Florida produces roughly 2/3 of US phosphate, with US being 3rd globally in production. Milton's landfall could significantly affect this crucial industry.
Wheat markets are catching a bid off a rallying MATIF market that is following the headline that Algeria bought 510-570tmt of wheat at $262.50 which is supportive of world cash values. The bulk of this looks to be sourced out of the Black Sea with US HRW being priced out.
Weather outlook shows storms in South America over the next week while US HRW areas have very little moisture chances over the next 7-10 days.
Dec’24 KC Wheat +3.5 @ $6.0725
July ’25 KC Wheat +3.5 @ $6.41
Dec Corn is up a half cent @ $4.2125
Nov Beans -3.5 @ $10.1275
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126