Daily Ag Direction 9/11/24
Rangebound trade and light volume has been the theme through the overnight session and into this morning as the trade waits for tomorrow's monthly WASDE report which will be released at 11am to see if there are any shake ups to the demand or ending stocks pictures across the grains. Wheat across both KC and Chicago exchanges trading slightly positive ahead of the report which is anticipated to show minor tweaks to exports and a bump in stocks for Australia and Canada. Corn's range currently defined by high domestic yield expectations keeping a lid on flat price action for the time being but talk of depressed South American production potential keeping a bid under the market. Beans took a big hit yesterday with the new crop November contract down 20 cents on favorable crop ratings but have stabilized and are hovering around that magic $10 mark this morning.
Dec KC wheat is +2 at 5.86
Dec Chi Wheat is +3 st 5.77
Dec corn is -1 at 4.03
Nov beans are +2 at 9.99
Feeder cattle are trading either side of even and live cattle having a quiet day on the nearby contracts as well
If you have any questions please reach out to your CEA Risk Managment Advisor and have a great day!