Daily Ag Direction 1/6/24
Good Morning!
The word is that most of today’s price action is weather related. Major headlines include Canadian Prime Minister Trudeu is stepping down by Wednesday and the Trump team is outlining what some of the early tariff programs will look like. Argentina is expected to stay dry through the rest of the growing season while Brazil could receive detrimental rainfall amounts. The January WASDE comes out Friday which will have markets positioning all week ahead of the report. Today the USD is down giving fuel to grains. Wheat still looks oversold compared to feed-grains and seems like it could gain some ground to corn if it is allowed to.
Mar KC Wheat +11.6 @ $5.51
July 25 KC Wheat +11.6 @ $5.68
Mar Corn +6.4 @ $4.5
Dec 25 Corn +5.0 @ $4.46
Jan Beans +10.0 @ $9.91
Nov 25 Beans +6.0 @ $10.15
Mar Feeders +2.300 @ $266.475
Feb Live +1.225 @ $191.900
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
-Trent
