Daily Ag Direction 6/6/24
Good Thursday Morning!
The wheat market seems comfortable with a Russian crop around 80mmt. The upcoming weather outlook for the Black Sea looks to be hot and dry, while US export demand is still poor. Oklahoma and Kansas harvest should really be going this weekend into next week with reports of better than expected yields.
After six consecutive lower closes, the corn market found some traction overnight on the hotter forecasts coming for the majority of the U.S. Weather will continue to be the focal point of the corn trade over the next month.
Soybeans, meal and oil futures remain oversold per the daily charts. U.S. crops should be mostly planted timely with some experts thinking bean acres will be up some. Brazil premiums are up but China seems intent on passing on U.S. business for now.
July ’24 KC Wheat +10.25 @ $6.865
July ’25 KC Wheat +7.5 @ $7.2625
July Corn +10.25 @ $4.495
Dec Corn +9 @ $4.68
July Beans +19 @ $11.9625
Nov Beans +15.5 @ $11.66
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!