Daily Ag Direction 7/23/24
Crop condition reports released yesterday afternoon showed little change from last week, with corn down 1% from 68% good to excellent last week to 67% this week. Beans rated good to excellent held steady at 68% as did spring wheat at 77%. Winter wheat harvest came in at 76% complete. Absent a crop condition story to trade, the overnight session was marked by follow through short covering with beans taking the lead as they have the most residual weather risk to get to harvest. The December corn contract got up around its 20 day moving average but seems to be tempered by some overhead resistance so far in this morning's trade. Wheat has sputtered in its attempt to keep pace with short covering on the row crop side, with a softer low volume overnight trade continuing into this morning. Russian wheat crop estimates from SovEcon have bumped back up to 84.2 mmt, so the perception of a well supplied global market persists.
Sep KC wheat is flat at 5.72
Sep Chi Wheat is -2 at 5.46
Sep corn is +3.5 at 4.03
Dec corn is +4 at 4.19
Nov beans are +6 at 10.74
Aug feeders are -.25 at 256.15
Aug live cattle are +.25 at 184.175
If you have any questions please reach out to your Risk Management Advisor and have a great day!
