Daily Ag Direction 7/8/24
Good Morning!
Rinse and repeat as markets gain traction and give it all back the following session. Red across wheat, corn and beans today with good weather and bearish fundamentals are the easy explanations. We continue to see good yield estimates as wheat harvest marches north. Some eerie looking photos of shredded fields came out over the weekend as hail decimated corn and soybean stands in parts of Nebraska, Kansas and Iowa but the markets are unconcerned. Trend line yield is still the estimate and Hurricane Beryl is tracking to relieve dryness over the Eastern corn belt. Little news on new crop corn export sales and the threat of big U.S. carryout numbers loom over corn. If there is a positive, its that this market has explored price territory for a big crop and if fundamentals start to show this crop shrinking, we could see easier recovery of prices. Bean exports remain under the USDA pace which is not conducive to strength to start the week. Crop condition reports out today so we will see how Tuesday digests that information.
Sept ’24 KC Wheat -21.5 @ $5.78
July ’25 KC Wheat -18.5 @ $6.18
Sept Corn -16 @ $3.95
Dec Corn -15 @ $4.09
Aug Beans -22 @ $11.44
Nov Beans -19.5 @ $11.10
Sept Feeders +0.600 @ $262.825
Aug Live -0.175 @ $187.000
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!