Daily Ag Direction 10/10/2024
Good Morning!
Wheat markets were higher again overnight and into this morning. Dry weather in both the US and Russia winter wheat areas along with a couple of new headline risks bringing support to the market. News reports this morning of Russian strikes on Ukrainian ports with a third vessel being hit in the last four days.
The corn markets held overnight mainly on the strength of wheat as traders are nervous of the Black Sea situation, but corn seems to be running out of reasons to push higher. The Midwest looks to be clear of any weather issues that would slow harvest as expectations are harvest to be 50% complete next week. Trade has been lighter ahead of the October WASDE report out tomorrow as we wait to see if there is a bullish surprise.
Dec’24 KC Wheat +3.75 @ $6.125
July ’25 KC Wheat +4 @ $6.4575
Dec Corn is even at $4.21
Nov Beans -3.25 @ $10.17
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126