Daily Ag Direction 11/8/24
Macro markets are settling down a bit to close out the week after getting stirred up in the wake of election results. The upward surge in palm & bean oil markets midweek pulled Jan beans through 20 day resistance but the market is correcting lower so far this morning. Corn has been more deliberate in its post-election gains which gives some hope for sustained improvement in values moving forward as demand is is not shying away from current price levels and producer selling is not offsetting the steady flow of fund money back into corn. Estimates for this morning's WASDE report are for a slight reduction in corn yield and overall production, with a slight reduction in global carryout. Will there be an adjustment to bean exports in today's report? Export pace has been exceeding previous targets and could get additional help if Trump tariffs curtail non-US feedstocks. Wheat is wandering around in a range bound space with not a lot to trade on the export front, an anticpated quiet WASDE report, and benefical moisture falling across large swaths of the winter wheat belt.
Dec corn is +3.5 at 4.30
Dec KC wheat is flat at 5.69
Dec Chi wheat is +3 at 5.74
Jan beans are -7 at 10.19
Nov feeders are -2.05 at 245.55
If you have any questions please do not hesistate to reach out to your CEA Risk Management Advisor and have a great day!
Matt Hartwell (316) 617-0690
