Daily Ag Direction 06/27/24
Grain markets are digesting export numbers this morning as they prepare for tomorrow's acreage and stocks report. Wheat is leading the way this morning after KC and Chicago charts consolidated over the last several days and export sales numbers came in above expecations. Export sales numbers for corn and beans were not as rosy, with corn coming in at the low end of estimates and beans failing to hit that mark. Lack of new crop bean business with China looms bearish and the 10 day forecast continues to keep a wet blanket on any hopes for a weather rally for corn and beans. Early in today's session, the short covering bounce in wheat is failing to spill over onto the corn and bean side.
July KC wheat is up 6 at 5.86
July Chi wheat is up 12 at 5.53
July corn is even at 4.20
Dec corn is up 1 at 4.37
July beans are up 2 at 11.65
Nov beans are flat at 11.07
Aug Feeders are down .57 at 261.20
Live cattle are both sides of even with June up .52 and Aug down .15
USDA's acreage and quarterly stocks report will be released at 11am tomorrow. If you have any questions, please reach out to your Risk Management Advisor and have a great day!
