Daily Ag Direction 12/9/24
Markets look to be squaring up positions ahead of tommorow's WASDE report. The overnight trade was firm, following through from last week's strong close in the corn market, but the March corn contract retreated after touching $4.42 and the overall tone is mixed. Despite the technical appeal of last week's corn move, funds did not buy much based on Friday's Commitment of Traders report. That leaves the door cracked for profit taking on this modest move.
The CoT report showed funds continuing to add to their short positions across the wheat exchanges, which leaves wheat primed to see some short covering if Middle East tensions continue to add risk premium.
Beans are teetering around the 20 day moving average on the nearby Jan contract, with downside risk from favorable South American weather still very much in play but corn strength adding stability. Traders will be watching tomorrow's demand-oriented WASDE report for changes to the bean balance sheet from an export and crush standpoint.
March corn is +1 at 4.40
Dec '25 corn is even at 4.37
Jan beans are -1 at 9.92
Nov '25 beans are +1.5 at 10.06
March KC wheat is +6 at 5.60
July '25 KC wheat +6. at 5.76
March Chi wheat is +4 at 5.61
July '25 Chi wheat is +4 at 5.76
Jan feeder cattle are +.050 at 255.00
If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day!
Matt Hartwell
(316) 617-0690
