Daily Ag Direction 7/5/24
Export sales numbers are giving the wheat markets a little bump coming out of the holiday pause. French soft wheat production estimates for this year's crop also aiding bulls as their crop looks to be down 11% percent vs the ten year average and 13% below last year's bumper crop. On the flipside, Ukraine is padding both its 2024 production estimates as well as its nearby export numbers. Corn is catching a bid following wheat's strong open this morning and beans are trying to follow as well. Weather continue to looms bearish for the row crops as the corn belt continues to see good moisture and coverage. Near term drier forecast in the 6-10 day offset by cooler temps, while the last half of July looking to be warmer.
Sep KC wheat is up 14.5 at 5.98
Sep Chi wheat is up 13 at 5.87
Sep corn is up 3 3/4 at 4.09
Dec corn is up 3.5 at 4.23
Aug beans are down 2 at 11.55
Nov beans are down 4.5 at 11.17
August Feeders are down .40 at 262.97
August live cattle down .10 at 185.82
If you have any questions, please call your Risk Management Advisor and have a great day!
