Daily Ag Direction 8/19/24
Good Morning!
News Friday that grain and wheat production in Kazakhstan had been inflated last year to meet production goals. Egypt says they will continue to pursue filling the remaining 3.8 mmt wheat tender stating that they should receive preferential prices and financing since they are the biggest importer in the world. Corn trade is subdued holding steady. ProFarmer tours will provide some info but we will see if there are fireworks. They will have to convince the market that there is anything but massive yields up north. China July imports were down 35% from last year and calendar year imports are down 11%. Ukrainian corn is expected to be down this year which may allow more U.S. corn to flow into China. Soybeans finding some support today on increased export sales of new crop beans last week. We may see some short covering ahead of the crop tours as traders position themselves. South America will start planting in a few weeks. Dry soil conditions in Brazil could slow planting progress.
Sept ’24 KC Wheat +4.4 @ $5.44
July ’25 KC Wheat +3.2 @ $5.84
Sept Corn +4.4 @ $3.75
Dec Corn +4.0 @ $3.97
Sept Beans +8.2 @ $9.47
Nov Beans +9.0 @ $9.66
Sept Feeders +0.225 @ $239.725
Oct. Live +0.355 @ $178.650
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!