Daily Ag Direction 1/3/25
Grain markets lower across the board early in Friday's trade as multiple variables align to curtail this week's run up in corn and bean futures. South American weather still shows dryness across Argentina and creeping into Southen Brazil, but there is a perceived offset with record yields anticipated in West Central Brazil. Brazil cash values still well under US as exchange rate woes continue to punish not only beans but wheat as well as declines in multiple foreign currencies relative to the USD restrict their buying power. Export numbers this morning across corn, wheat, and beans reflect this shift as all fell short of trade estimates. Funds' net long position in corn may be subject to some rebalancing ahead of next week's USDA report, whereas wheat's near record short could stand to benefit from the same; today's close will set the tone for next week's pre-report trade.
March corn is -6 at 4.53
Dec corn is -4 at 4.42
March beans are -14.5 at 9.97
Nov beans are -14 at 10.13
March KC wheat is -8.5 at 5.43
July KC wheat is -8 at 5.61
March Chi wheat is -9.5 at 5.36
July Chi wheat is -9 at at 5.55
Jan Feeders are -.25 at 266.225
Feb Live Cattle are +.325 at 196.375
If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day!
