Daily Ag Direction 6/11/24
Good Morning!
A few importers showed up with interest in wheat overnight. Egypt is seeking wheat for Aug. 1-20th and Ukraine is the lowest offer at $243/mt on 60k volume. South Korea millers purchased 50k tons of US milling wheat passing on 40k tons of Canadian wheat. Taiwan is looking for 65k tons of corn for Aug-Sept ship to round out the overnight trade news. Russia and eastern Ukraine are forecasted hotter for the next 10 days with some rain expected Wed.-Sat. Funds are still selling going short another 9k contracts. Corn planting came in at 95% and G/E estimate is at 74%. Soybeans are 87% planted and G/E sits at 72%. Hot weather is forecast for the Eastern US but being that we are in the early stages of growth it will not be much of a market mover.
July ’24 KC Wheat +9.5 @ $6.54
July ’25 KC Wheat +7 @ $6.92
July Corn +0.5 @ $4.52
Dec Corn +0.0 @ $4.68
July Beans -1 @ $11.87
Nov Beans -4 @ $11.55
Sept Feeders -0.55 @ $259.175
Aug Live -0.375 @ $179.600
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!