Daily Ag Direction 8/30/24
Short covering is the prevailing theme this morning with grains opening higher across the board. Beans saw a nice technical bounce after finally trading throug the 20 day moving average which also propelled them through the psychological $10 target overnight. December corn working in tandem with beans as both row crops have bounced off their recent bottoms with Dec corn retracing to the $4 mark early this morning. Supported by Paris overnight, wheat has seen follow through buying as well with KC Dec trading through its 20 day moving average and Chicago wheat right up against it. Bids have tapered a bit as we move into the day session so holding those gains to close remains to be seen. With month end and contract rolls in the rearview, look for the focus to return to weather and demand following the three day weekend.
Dec KC wheat is flat at 5.60
Dec Chi wheat is +1 at 5.49
Dec corn is +2 at 3.98
Nov beans are flat at 9.92
Sep feeder cattle at +1.475 at 240.975
If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day!
