Daily Ag Direction 8/22/2024
Good Morning!
Wheat markets continue lower with another overnight session of light volume and mixed trade. Spring wheat is the one thing that wheat traders are now watching. The cash markets remain strong, especially the higher pro market. Russian spring wheat crop is expecting some good yields in spots but also have some areas that will be unharvestable due to quality.
The corn market was quiet overnight with new crop staying right below the $4 mark. The ProFarmer tour confirmed record yields out of Illinois, while the Iowa crop had more mixed reviews. Either way, the setup is still for a big crop. The board doesn’t have much reason to go higher as we get closer to harvest and big supplies.
Soybeans saw fund selling on the larger crop potential from the ProFarmer tour. The Illinois and Iowa pod counts suggest the USDA’s 53.2bpa yield estimate is pretty accurate if not a tad low. U.S. river level forecast expected to fall another 3’ this week. Hopefully, that doesn’t press US fob values to the point we ae negative vs Brazil.
Sept ’24 KC Wheat -1.5 @ $5.3475
July ’25 KC Wheat -3 @ $5.735
Sept Corn -1 @ $3.745
Dec Corn -1.25 @ $3.97
Sept Beans -8.75 @ $9.5425
Nov Beans -8.5 @ $9.73
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
