Daily Ag Direction 7/3/2024
Good Morning!
The wheat market continues to move back following the move up on Monday with little news to support a move higher. Harvest will continue to expand into Colorado and Nebraska over the next week with yields still being better than expected.
Corn prices have dipped around 9% during the month of June. There will be no Committment of Traders report this Friday with the holiday but the estimated managed money position is currently -347k contracts short, which is a record since June of 2006.
The bean oil story is pullng soybean futures higher. The underlying trade in oil is coupled with the idea that China is blending palm oil they import from Indonesia. U.S. bean exports remain well under the USDA pace for new crop.
Sept ’24 KC Wheat -2.25 @ $5.90
July ’25 KC Wheat -2.25 @ $6.2775
Sept Corn -2.5 @ $4.055
Dec Corn -1.75 @ $4.195
Aug Beans +8.5 @ $11.5875
Nov Beans +10.5 @ $11.235