Daily Ag Direction 10/31/24
Good Morning!
Wheat trading lower today as funds continue to build on their short position in Paris wheat. Export sales came in on the lower end of trade estimates at 411k mt. KC spreads saw big volume yesterday in the H/K and K/N contracts pushing to full carry. Corn unchanged with some flash sales keeping trade around the 50-day mover. Exports came in as expected and spreads were weaker overnight. Soybeans up slightly with more sales and weaker barge freight. Dry weather in the southern hemisphere provides a little support to prices.
Dec KC Wheat -9.2 @ $5.67
July 25 KC Wheat -9.0 @ $6.00
Dec Corn -1.4 @ $4.10
Dec 25 Corn -0.2 @ $4.40
Jan Beans +2.6 @ $9.94
Nov 25 Beans +2.2 @ $10.30
Nov Feeders -0.675 @ $244.825
Dec Live -0.250 @ $186.175
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
-Trent
