Daily Ag Direction 10/11/24
Green on the screen but barely is the early story ahead of today's 11am WASDE report. While today's report should set the tone for S&D fundamentals for the next month, wheat is more focused with weather and specifically Russian weather, where dryness is tempering their export enthusiasm as demonstrated by their recent hike in export taxes. Corn is steady going into the report, looking a little rangebound after seeing a 10 cent range this week on the Dec contract. Trade estimates are looking for a slight derease in yield with corresponding modest decrease in carryout. Optimal harvest weather persists as the corn harvest approaches the halfway mark. Beans are taking a soft bounce off the 50 moving average at $10.10 in pre report trade, needing to hold that today to avoid a retreat back to support at $9.75. If this morning's report proves uneventful, look for the focus to return to South American weather, where Brazil has better rains in the forecast but Argentina is staying on the dry side.
Dec KC wheat is flat at 6.10
Dec Chi wheat is +1 at 6.05
Dec corn is +1.5 at 4.20
Nov beans are +5 at 10.20
Nov feeders are +.175 at 250.125
If you have any questions please do not hesitate to reach out to your CEA Risk Management Advisor and have a great day!
