Daily Ag Direction 10/18/24
Soybeans led overnight volume and are trying to lock arms with corn and bounce off this week's lows. Nov beans hovering below the $10 mark with the domestic and Brazilian narratives still burdensome. Corn pulled off a nice reversal yesterday to close out the day session as commercial buyers stepped in after the Dec contract dipped below $4.00. Corn saw good export sales numbers posted this morning as US corn is cheaper than Ukraine or South American corn and more readily availble than EU corn which has seen a slower harvest and quality issues due to excessive moisture. Wheat shares the slightly more postive sentiment with corn due to stronger feed grain demand and production concerns among export competitors, however it is stumbling into today's session due to spillover pressure from the Paris exchange.
Dec KC wheat is -2.5 at 5.93
Dec Chi wheat is -6 at 5.82
Dec corn is +.5 at 4.07
Nov beans are +.5 at 9.89
If you have any question, please reach out to your CEA Risk Managment Advisor and have a great day!
