Daily Ag Direction 9/6/24
Grains traded either side of unchanged in the overnight, with volume taking a notable plunge. This could be indicative of a taper for this week's short covering rally which saw corn close higher for four consective sessions prior to Thursday. Beans are on a similar streak with five consecutive higher closes through yesterday, while wheat was first to split from the rally, trading lower yesterday and through the overnight but catching a bid on this morning's open. Trade will be watching the Commitment of Traders report from the CFTC this afternoon after the close to gauge the extent of short covering that has been accomplished. This week's rally did initiate some producer selling and nudged wheat out of the export mix for now. Export sales for wheat came in at the low range of trade estimates, while new crop corn and bean export numbers were firmer with corn beating the estimates and beans pushing the higher end of the range.
Dec KC wheat is +2.5 at 5.92
Dec Chi wheat is +4.5 at 5.79
Dec corn is +4.5 at 4.15
Nov beans are +6 at 10.29
Sep feeders are +.55 at 237.625
If you have any questions, please reach out to you CEA Risk Management Advisor and have a great day!
