Daily Ag Direction 4/12/24
Yesterday's WASDE report did not provide a lot of "trade worthy" information, with minor tweaks across each crop's balance sheet and overall surplus stocks resulting in a bearish report day trade. While South American (CONAB) bean estimates were trimmed this week, USDA held steady on their numbers and it seemed like the trade aligned with USDA's opinion. Losses were limited, however, and the bulls have regained control in the grain complex so far this morning.
With trade focus shifting away from report data the focus is back on weather and there a few weather bits being traded going into the weekend. Wheat is catching some support from dryness concerns, with high temps and winds in the near term and suboptimal precip forecast through the 10 day outlook. Corn moving higher this morning, supported by talks of replant issues in the delta and decline in the Argentine crop due to disease brought about by insect damage. Beans catching a bid as well, with a flash sale in the news and overall bullish tone to start to the Friday session.
After the open we have:
May KC Wheat up .0375 at 5.87; July KC Wheat up .0425 at 5.8275
May Chi Wheat up .0875 at 5.605; July Chi Wheat up .08 at 5.745
May beans up .1675 at 11.76; November beans up .1375 at 11.775
May corn up .0775 at 4.3625; December corn up .06 at 4.72
Feeder cattle contracts trading slightly lower so far this morning
Don't hesitate to reach out to your CEA Risk Management Advisor with any questions and have a great weekend!