Daily Ag Direction 8/29/24
Mixed bag for the grains this morning with row crops in the green following the open while wheat failing to share the enthusiasm. Both corn and beans benefitted from decent new crop export sales numbers with Mexico continuing to lead the corn buyers and China coming to the table for beans. Expect a little choppiness in the trade over the next two days as we are sliding into a holiday weekend with First Notice Day for September futures tomorrow and month end setting the short term tone. Beans garnering some attention from a technical perspective as the Nov is pushing against its 20 day moving average and there is a little chatter about August heat yield drag but the overall bearish trend is still in play. Absent any headlines to trade, KC wheat is swinging its sep-dec spread pendulum to the wide side now after getting sharply narrower earlier in the week.
Sep KC wheat is -5 at 5.39
Dec KC wheat is -1.5 at 5.54
Sep Chi wheat is flat at 5.14
Dec Chi wheat is flat at 5.41
Dec corn is +2.5 at 3.93
Nov beans are +10 at 9.87
Sep Feeder cattle are -1.10 at 240.20
If you have any questions please reach out to you CEA Risk Management Advisor and have a great day!
