Daily Ag Direction 7/24/2024
Good Morning!
Wheat markets saw selling across the complex last night with little new fundamental inputs to drive the market. Not much global news this morning other than Chinese officials saying their wheat harvest yields are up 2.6% over last year. Yesterday was day one of the Wheat Quality Councils spring wheat tour of North Dakota. Tour scouts put the yield at 52.5/bu vs the 48.3/bu seen last year. Scouts saw very good stands and a good crop overall but did note some disease stress from fusarium but it didn't seem like a major problem.
Corn markets were slightly lower overnight as the two day rally met some resistance. There isn't much support for a bullish run with the weather getting warmer and drier as the crop is mostly made already. We can expect any rise in futures will be met with farmer selling as they need to get rid of old crop before harvest.
Soybean futures held steady on the drier weather outlook but the lack of China demand seems to offset the weather risk. Chinese soybean stock piles are the largest in recent history.
Sep KC wheat is -1.5 @ $5.6525
July 25 KC wheat is -1.5 @ $5.9975
Sep corn is +1 @ $4.035
Dec corn is +1.5 @ $4.1875
Nov beans are -4.25 @ $10.7125
Aug feeders are -.30 @ $258.45
Aug live cattle are +.425 @ $186.725
If you have any questions please reach out to your Risk Management Advisor and have a great day!
