Daily Ag Direction 6/14/24
Wheat traded lower in the overnight as seasonal harvest pressure has taken the stage from the Russian story, where concerns have backed off a bit following recent rains in S Russia and rain in the forecast for E Ukraine. Early in the today's session the tone is more netural, as farmer selling has backed off a bit and the Paris exchange is mixed.
Corn is garnering some attention after moving through its pivot points on both the nearby July and new crop December contracts yesterday. The weather forecasts will be front and center with parts of the Eastern corn belt flirting with dryness and dryness concerns emerging in China as well.
Similar to corn, beans have posted constructive chart action this week by holding support levels and are poised to capitilize on a the narrative of a developing high pressure high pressure ridge across the SE US / Eastern corn belt. The duration of this setup will be the thing to watch as we more towards pollination windows for corn and then beans.
July KC wheat is down 2 at 6.35
July Chi wheat is down 3.5 at 6.16
July corn is flat at 4.58
Dec corn is flat at 4.76
July beans are down 3.5 at 11.86
Nov beans are down 6 at 11.54
Aug Feeders are up 1.75 at 259.225
Jun Live Cattle are up .875 at 185.70
If you have any questions, don't hestitate to reach out to your Risk Management Advisor and have a great day!