Daily Ag Direction 5/17/24
Grains are looking like a repeat of yesterday's trade so far with Black Sea risk premium driving prices higher in the lower volume overnight trade only to falter in the day session. Beans are the only one bucking that trend with support from lower South American yield adjustments for Argentina and Brazil's flooding issues.
Weather remains focal for the wheat trade with Russia and EU front and center, but this week's trend of lower highs and lower lows poses some technical risk. Kansas wheat tour wrapped up yesterday with estimated yield at 46.5 bu and total production at 290 million bushels, notably higher than the USDA estimate of 268 mbu.
Corn was firm overnight following wheat's lead, but trading slightly lower following the open this morning on improved forecasts for planting progress in the areas that have been lagging behind.
July KC wheat is down 2 at 6.71
July Chi wheat is down 3 at 6.60
July beans are up 5 at 12.21
Nov beans are up 4.75 at 12.03
July corn is down 1.5 at 4.55
Dec corn is down 1 at 4.80
May feeder cattle are up .575 at 245.32
Sep feeders are up .825 at 259.125
If you have any questions, please reach out to your Risk Management Adivsor and have a great day!