Daily Ag Direction 12.10.24
Higher exports in US wheat, corn, & soybean oil lead to lower ending stocks in all three. US & Brazil Soybeans and Argentina corn stocks unchanged from last. Argentina soybeans showing more ending stocks. Overall, guesses were either within range or just outside of trader guesses so there is no huge December surprise hidden within this report that will push grains over & through key resistance areas. Look for some chance profit taking from traders from this rally & for grains to feel some support as the world keeps an eye on Middle East tensions.
Markets as of 11:24 A.M.
March KC up 5 @ 5.63 / Wheat Resistance @ 5.75 / Support @ 5.45
- New crop July25 KC @ 5.78
March Corn up 4 @ 4.46 / Resistance @ 4.50 / Support @ 4.18
- New crop Dec25 @ 4.41
Jan Beans up 4 @ 9.94 / Resistance @ 10.10 / Support @ 9.80
- New crop Nov25 @ 10.07
If you have any questions, please reach out to your CEA Risk Management Advisor. Have a good day!
Kavan Killian
RMA TX/OK Panhandle 806-753-7099
