Daily Ag Direction 7/10/24
Grains struggling again this morning. Coming out of the overnight, wheat was selling off in response to pressure in Paris from Russian harvest getting rolling and Black Sea FOB values plunging back to sub $220/MT levels. This puts Black Sea wheat back in the driver seat, at least for the near term, as cheap export wheat, as yield concerns seem to be slipping farther in the rear view. Corn and beans both tried to open steady to better and at least take a midweek breather ahead of Friday's WASDE report, but have since faltered amid wheat's selloff. Weather looks to dry out and warm up in the corn belt, but intermittent cool spells are thwarting any pollination concerns for the time being.
Sep KC Wheat is down 15 at 5.62
Sep Chi Wheat is down 13 at 5.58
Sep Corn is fractionally lower at 3.93
Dec Corn is down 2.75 at 4.05
Aug Beans are down 6 at 11.25
Nov Beans are down 3 at 10.77
Aug Feeders are down 2.025 at 253.70
Aug Live Cattle are down .75 at 181.60
If you have any questions please reach out to your Risk Management Advisor and have a great day!
