Daily Ag Direction 12/4/24
Good Morning!
Wheat markets were mixed in the overnight and into the morning session. Recent heavy rains in Australia have some speculating 2.5-5 mmt may become feed wheat quality. Concerns seem to be growing over the conditions of the Russian winter wheat crop as well. Any issues with that crop could potentially boost 25/26 HRW exports.
Argentina has been dry over the past 24 hours but some light rains are expected Thursday and Friday. The extended forecasts show a decline in moisture for the corn and soybean regions. Brazil saw continued rain in the northern half of the country yesterday and forecasts call for widespread precipitation in the 5-7 day outlook. Brazil planting is wrapping up with a crop that is widely assumed to be a record.
March KC Wheat is +2 @ $5.4375
July ’25 KC Wheat is +1.75 @ $5.5850
March Corn is up a quarter of a penny @ $4.325
Dec’25 Corn is even @ $4.3075
Jan’25 Soybeans +5.75 @ $9.86
Nov’25 Soybeans -3.5 @ $10.0275
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126
