Daily Ag Direction 9/12/2024
Good Afternoon!
Trade is settling in today for the WASDE report. Market will be looking for updated yield numbers, does the big crop get bigger? Market seems to think the number will trend to a lower yield.
Wheat saw light volume overnight, with a bounce this morning. Rally this morning looks to be on the talks of an Egypt purchase of Russian wheat on a private tender.
The corn market remains resilient with values pushing higher following the strength in wheat continuing to push above the $4 level. Producer selling will stay limited until we take out recent highs in the CZ24.
Dec’24 KC Wheat +6 @ $5.9425
July ’25 KC Wheat +5.5 @ $6.17
Dec Corn is even @ $4.0475
Nov Beans +4 @ $10.045
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!