Daily Ag Direction 11/14/2024
Good Morning!
Wheat markets were lower overnight and into the morning with light volume seen. Much of the selling that has been seen seems to be intermarket spreading. Keep an eye on wheat for a bounce in short covering and backfilling.
The corn market has moved lower following wheat down. Producers seem to be light sellers here unless they can get a $4.50 cash price.
January soybeans followed the downward trend in oil/meal but has managed to hold the 20 day moving average. Crush volumes are important as the weaker pace of US bean exports would create surplus beans if the crush begins to fall on slow take in bean oil.
Dec’24 KC Wheat is -6.25 @ $5.345
July ’25 KC Wheat is -7.25 @ $5.6575
Dec’24 Corn is -6 @ $4.205
Dec’25 Corn is -2.75 @ $4.375
Nov’24 Soybeans -14 @ $9.9025
Jan’25 Soybeans -12 @ $9.9575
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126
