Daily Ag Direction 12/12/24
Good Morning!
Weakness yesterday at the corn close has many worried that the holiday rally may have come and gone. The 200-day ma is holding firm. Overnight trade was risk off but we saw a change in typical corn buyers with Columbia taking the top honor followed by Mexico and then Japan. Wheat had an ok close yesterday and is supported by Paris wheat this morning although it is trading slightly lower. Most of last week’s export sales went to the Philippines as white wheat and Hard red sales were poor. Rosario Exchange raised the Argentina estimate to 19.3 MMT from 18.8MMT as harvest has been better than expected. Bean meal is a failure in the export sales. Beans came in below trade estimates and bean meal was at the bottom of estimates. Weakness in Chinese hog demand will also continue to weigh on soy markets as we approach the new year.
Mar KC Wheat -2.6 @ $5.64
July 25 KC Wheat -2.6@ $5.80
Mar Corn -2.2 @ $4.36
Dec 25 Corn -2.2 @ $4.42
Jan Beans -1.4 @ $9.94
Nov 25 Beans -3.4 @ $10.11
Mar Feeders -0.850 @ $258.525
Feb Live -0.125 @ $191.250
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
-Trent
