Daily Ag Direction 7/12/24
Thursday's short covering in anticipation of today's WASDE report wore off by the overnight session, as Paris wheat was down and most of yesterday's gains were given back by the morning break. With a lot of bearishness already priced into the market, we will see how the supply and demand numbers trade at 11:00 am today. Wheat is expected to see an increase in HRW production numbers domestically with other classes being a mixed bag. EU/Russian numbers will have to wait till a later WASDE as harvest is still getting underway in the northern latitudes. Corn is looking at carryout numbers north of 2 billion bushels but recent price action would suggest that is largely priced in. Beans are anticipating burdensome S&D numbers as well. After today's close, the CFTC Commitment of Traders report will quantify just how big this counterseasonal record short is.
Sep KC wheat is down 16 at 5.67
Sep Chi wheat is down 13 at 5.57
Sep corn is down 6.5 at 3.93
Dec corn is down 5.5 at 4.05
Aug beans are down 11.5 at 11.05
Nov beans are down 6 at 10.61
Aug feeders are up 1.15 at 257.30
Aug live cattle are down .20 at 182.05
If you have any questions, please reach out to your Risk Management Advisor and have a great day!
