Daily Ag Direction 12/6/24
Export sales from yesterday's report were supportive for both corn and beans, with corn sales to Mexico continuing along with speculation that exports are running heavy on the front end due to uncertainty surrounding what January will bring with a potential shift in trade policy with the new administration.
Corn made a nice technical move yesterday, with the March contract posting an outside reversal and with a close above 4.37 today could be poised to test its next objective at 4.42. The market has traded a narrow ~8 cent range so far this month and seen lighter volume, but it is anticipated that a push above 4.40 would bring another round of producer selling.
Beans are feeling the weight of overhead resistance at $10 on the nearby Jan contract and succumbed to selling pressure this morning despite catching a soft bid in the overnight. Absence of weather risk in the Southern hemisphere continues to weight on the bean market.
Wheat is struggling to follow through on yesterday's gains, which were fueled by pessimistic Russian winter wheat condition ratings. Mixed overnight trade is now mostly 1-2 cents early in today's session.
There will be the December WASDE report out next Tuesday, but it is anticipated to be a quiet one as it only addresses export, crush, and feed demand. We'll have to wait till the January report to digest updated/ final production numbers.
Mar Corn is +3 at 4.38
Dec '25 corn is +1.5 at 4.35
Mar KC wheat is -.5 at 5.51
Jul '25 KC wheat is -1 at 5.66
Mar Chi wheat is -2.5 at 5.55
Jul '25 Chi wheat is -2 at 5.70
Jan beans are -3.5 at 9.90
Nov '25 beans are -5 at 10.02
Jan Feeder cattle are +1.00 at 255.95
If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day!
Matt Hartwell
(316) 617-0690
