Daily Ag Direction 7/11/24
Grains are in positive territory this morning after corn took the lead early in the overnight session and wheat anchored an impressive close in early mornng trade fueled by a little Black Sea headline risk. The overall tone for today's market looks to be postion squaring ahead of tomorrow's USDA WASDE report which will be released at 11am. Export sales numbers released this morning ranged from disappointing on the wheat front, below the range of trade estimates, to uneventful for corn and beans, coming in on the lower side of estimates. The expectation is for a quieter report tomorrow, with ideal weather carrying corn and bean yield projections forward and few if any anticipated demand changes. The heavy short positions funds have taken leaves some room for a corrective bounce on short covering, but the unsold corn carryout looms large over any rally that would trigger producer selling.
Sep KC wheat is 18 at 5.84
Sep Chi wheat is up 15 at 5.77
Sep corn is up 6 at 4.02
Dec corn is up 5 at 4.12
Aug beans are up 9 at 11.22
Nov beans are up 7.5 at 10.74
Aug feeders are up 1.70 at 256.05
Aug live cattle are up .425 at 182.675
If you have any questions, please reach out to your Risk Management Advisor and have a great day!
