Daily Ag Direction 12/2/24
Good Morning!
Wheat came under pressure early in the session as bullish fundamentals seem difficult to find but is trading higher now. Markets may have to rely on chart support at this point to find a floor. We are still watching for changes to the Russian export program but trade will also fall on weather news as we march toward the new year. There is talk of Ukraine implementing minimum grain prices for wheat, grains and oilseeds but details are limited. There is also little clarity on export programs and tenders out of Bangladesh and Turkey but those are out there. Morrocco looks to import some Russian wheat. Corn is looking forward to the COT report this afternoon and the Brazilian corn crop is slated at 94% planted with good rainfall. South American beans are risk off when it comes to weather news but the weak La Nina could disrupt growing conditions through our winter months. Brazil is 91% complete on bean plantings.
Dec KC Wheat +4.0 @ $5.25
July 25 KC Wheat +2.0 @ $5.58
Dec Corn +2.0 @ $4.25
Dec 25 Corn +0.2 @ $4.32
Jan Beans -10.2 @ $9.79
Nov 25 Beans -10.0 @ $10.01
Mar Feeders +0.025 @ $258.650
Feb Live +0.100 @ $188.725
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
-Trent
