Daily Ag Direction 8/23/24
Wheat markets made new lows across KC, Chicago, and Minneapolis exchanges yesterday before Black Sea headlines triggered some short coverging. Paris exchange slipped lower and tested support overnight, and the resulting trade so far this morning has been to the downside. Export market for wheat is quiet heading into the weekend. The buzz around corn and beans this week has been the ProFarmer crop tour, the results of which are for entertainment purposes only and will be released after the markets close today. Beans did have a flash sale to China reported this morning and corn and bean spreads are tightening a bit on a spurt of NC demand as commercial ownership levels still sit at historical lows. Weather looks to continue to be coopertive as a short term heat wave in the midwest next week is tempered by rains in the forecast and cooler temps to follow.
Sep KC wheat is -6 at 5.23
Sep Chi wheat is -4 at 5.06
Sep corn is -1.5 at 3.70
Dec corn is -1 at 3.92
Nov beans are +10 at 9.71
Sep feeders are +1.05 at 239.25
If you have any questions please reach out to your CEA Risk Management Advisor and have a great day!
