Daily Ag Direction 10/16/2024
Good Morning!
Wheat markets bounced around overnight on light volume with the focus being on corn and soybeans. The trade is talking about a note issued by Russian exporter association that the minimum price for 12.5 pro wheat needs to be at $250mt. How the market evolves will be based on how fall planting and crop conditions look going into dormancy. Russian forecasts see some drought relief in the 11-15 day forecasts while many US HRW areas are still forecasting little to no rains.
Corn harvest progress reports out yesterday saw a 17% jump to 47% complete vs 39% average. With the forecasted dry weather, next weeks report should show similar large jumps in progress.
Dec’24 KC Wheat +1.5 @ $5.84
July ’25 KC Wheat +0.5 @ $6.175
Dec’24 Corn +3.25 @ $4.045
Dec’25 Corn +1.5 @ $4.385
Nov’24 Soybeans +7 @ $9.98
Jan’25 Soybeans +5.25 @ $10.0875
Oct Live Cattle +0.55 @ $187.275
Oct Feeder Cattle +0.275 @ $246.80
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126