Daily Ag Direction 8/26/24
Good Morning!
Wheat feeling pressure across the complex as Paris wheat continues to be weaker. Corn and Soybean weakness is contributing to lower grain prices across the board. The Canadian rail strike was ordered to cease and negotiations continue. COT reported funds covering 20k of their shorts in Chicago wheat. Corn lower on continued confidence in high corn yields across the board. ProFarmer saw a 181.1bu./acre US crop and are anticipating a large bean crop as well. South America has dry weather predicted for the next 15 days which could affect their bean crop as La Nina makes its influences. Corn spreads continue to widen as a big crop looms on the horizon.
Sept ’24 KC Wheat +1.6 @ $5.22
July ’25 KC Wheat -1.0 @ $5.60
Sept Corn -6.4 @ $3.61
Dec Corn -5.2 @ $3.86
Sept Beans +4.0 @ $9.56
Nov Beans +3.4 @ $9.77
Sept Feeders +3.175 @ $241.750
Oct. Live +1.550 @ $177.250
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!