Daily Ag Direction 5/15/24
Grains starting in the green this morning, with wheat leading the charge. Black Sea headlines of lower crop estimates from freeze damage and nearby dry forecasts sent Paris wheat sharply higher early this morning and Kansas City and Chicago are following suit. Russian cash market firming up amid concerns of tightening stocks. Kansas wheat tour is underway and after surveying some of the less stressed wheat, estimates came in at 49.9 bu average yield which exceeds trendline and is dramatically higher than last year's 29 bpa. Dryer areas will be surveyed today and tomorrow and final estimates will be posted tomorrow pm.
Corn and beans pushing higher on ongoing planting delay concerns. Corn trying to close above to 200 day moving aveage to further fuel technical short covering but getting a bit choppy early in this mornings session. Beans charts working on building a bullish flag with nearby and new crop yet to move into sell signal. Beans also benefitting from sale to unknown this morning.
July KC wheat up 3.5 at 6.86
July Chi wheat up 4 at 6.76
July beans up 5.5 at 12.20
Nov beans up 3 at 12.08
July corn down 2 at 4.64
Dec corn down 2 at 4.89
Please reach out to your Risk Management Advisor with any questions and have a great day!