Daily Ag Direction 05/02/2024
Grain markets are up this morning on short covering weather risk. Row crops catching a bid from ongoing wet forecasts for the corn belt and the concerns about maintaining planting pace. The wheat market opened higher on reports of disappointing rainfall totals in Russia overnight.
New crop corn futures took out the recent high mark from March 28th and nearby July futures are up around the 100 day mover at 4.495, with ethanol numbers coming in supportive as well.
Beans are chopping around 20 day moving average with the renewable fuel demand picture still murky and exports sales happening but not with China as the buyer.
Overall, fundamental fuel for the bulls is still lacking from an export / demand front, but weather risk and how the funds react to the models will determine direction in the near term.
July KC wheat is up .0275 at 6.2775
July Chi wheat is down .0175 at 5.975
July corn is up .0425 at 4.55
Dec corn is up .0375 at 4.765
July beans are up .205 at 11.9075
Nov beans are up .1725 at 11.8225
May feeders are up 3.35 at 244.775
Aug feeders are up 4.40 at 256.15
Don't hesitate to reach out to your CEA Risk Management Advisor if you have any questions and have a great day!