Daily Ag Direction 12/31/2024
As French Matiff wheat passes through a resistance point buyers have turned towards US wheat and caused some short covering to end the year out. March Corn hit it’s highest level at 5.5850 since June before finding resistance & backing off the high. Corn has been a bull trend since October as exports have continued to grow & south American weather risk has been introducing itself all while the most recent Commitment of Traders (COT) report has shown the buying in and adding to their longs. Most of Argentina corn country is predicted to be dry for the next 14 days while it will go through silking stage. Argentina/South American weather is also the catalyst for bean complex movements as Jan soybeans have rallied $.40 since mid Dec. Brazilian weather & China approving new GMO strands in is keeping a lid on big breakouts.
Markets are closed tomorrow for New Years Day. We are proud to have done business with you during this year & look forward 2025 where we hope to have the opportunity to do so again. Happy New Year!
Markets as of 10:30 AM
March KC up 2 @ 5.57 / Resistance @ 5.75 / Support @ 5.45
- New crop July25 KC @ 5.74
March Corn up 4 @ 4.56 / Resistance @ 4.60 / Support @ 4.30
- New crop Dec25 @ 4.43
Jan Beans up 12 @ 9.94 / Resistance @ 9.90 / Support @ 9.60
- New crop Nov25 @ 10.18
Kavan Killian
RMA TX/OK Panhandle 806-753-7099
