Daily Ag Direction 5/21/24
Good Morning!
Markets backing off slightly this morning after the big day yesterday. This is not unexpected and wheat was positive earlier in the session. Corn planting progress was better than expected and not the latest by far. News seems lacking out of Europe today and U.S. demand needs to respond. Gulf values remain week and spreads are backing up. IKAR lowered the Russian wheat estimate to 83.5 mmt and exports dropped to 45 mmt. Any reduction from now on will directly affect Russian exports. A little resistance is setting up for soybeans with a double top although maintaining value relative to corn. Some early concerns about wet weather in Brazil and replant starting but nothing too concerning at the moment there. Bean planting progress in the U.S. is well ahead of schedule.
July ’24 KC Wheat -3 @ $6.94
July ’25 KC Wheat -5 @ $7.38
July Corn -3.5 @ $4.57
Dec Corn -2.5 @ $4.82
July Beans -14 @ $12.34
Nov Beans -7.5 @ $12.09
Aug Feeders +0.450 @ $258.925
June Live +0.850 @ $179.400
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!