Daily Ag Direction 9/20/24
Harvest pressure is hitting corn and beans this morning as weather in the midwest looks conducive for progress through the weekend. Meanwhile the SE, delta, and portions of the plains have rain in the forecast. Wheat markets are bucking that trend so far this morning, trading slightly higher on what looked like consolidation around the 50 day moving averages as the overnight wrapped up but following the open this morning gains have ratcheted up to give the market more of a Black Sea - nervous short covering feel to close out the week. Corn started the week with some bullish spunk after surviving the previous week's USDA report, but is currently fading toward this lower end of this week's trading range. Export sales for beans were better than expected yesterday but the crop year still sits at a defecit. Bean market is establish a sideways trend, with focus fluttering between northern and southern hemisphere narratives and the daily chart RSI sitting squarely at 50.
Dec KC wheat is +9 at 5.73
Dec Chi wheat is +8.5 at 5.74
Dec corn is -2 at 4.03
Nov beans are -8 at 10.05
Sep Feeder cattle are -.525 at 244.750
If you have any questions please reach out to your CEA Risk Management Adivsor and have a great day!
