Daily Ag Direction 12.03.24
KC Wheat is starting the morning bouncing off support levels establishing a very solid support level here at this double bottom. Poor Russian wheat conditions that show 37% poor condition, the highest in a decade, should help keep support for US wheat as we become more competitive globally.
With S. American weather giving the trade nothing out of the ordinary as far as progress/conditions goes & a small amount of fund selling, corn trade continues to be range bound. US exports were within estimates and were all the usual buyers.
Soybeans continue to run laterally across support & below $10/bu. In the same situation as corn there is little tradeable news regarding S. American weather / planting that would bring volatility to the market. There is still a lot of time needed to Brazil/Argi beans to come to harvest, but assuming yield & acreage are within expectations odds are increasing that world bean stocks will be added to by this time next year.
March KC up 6 @ 5.46 / Wheat Resistance @ 5.75 / Support @ 5.45
- New crop July25 KC @ 5.61
March Corn up .50 @ 4.33 / Resistance @ 4.50 / Support @ 4.18
- New crop Dec25 @ 4.32
Jan Beans up 4.5 @ 9.89 / Resistance @ 10.10 / Support @ 9.80
- New crop Nov25 @ 10.07
