Daily Ag Direction 6/3/24
Good Morning!
Different week same story. Weather concerns out of Ukraine and Russia had MATIF wheat up in the overnights. New concerns over the U.S. spring wheat planting progress are also providing fuel as wet weather is hampering progress. The Russian crop is pegged at 80 mmt. for now and fund action will be very influential in price moves through the day session. Corn is down 5 cents to start the day session as planting progress continues to improve as expected. COT showed funds selling 16k contracts bringing the short to 170k contracts keeping a lid on prices. If wheat can continue to rally then corn may benefit. Beans selling off harder as China seems absent on new crop buying. Also, improvements in the U.S. drought conditions have bears in control of the weather side of the market. Good forecasts for rain in the southern growing region should continue to push the crop along.
July ’24 KC Wheat +5 @ $7.14
July ’25 KC Wheat +1.5 @ $7.47
July Corn -5.5 @ $4.41
Dec Corn -4.5 @ $4.62
July Beans -10.5 @ $11.94
Nov Beans -14 @ $11.70
Sept Feeders -0.475 @ $257.650
Aug Live -0.325 @ $178.125
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!