Daily Ag Direction 1/14/25
Corn found near the top of this rally in today’s session encountering resistance just below 4.80 March marking over a .20 gain in value since the WASDE report was released last week. Ongoing production concerns are facing Argentinian soy & corn producers whilst the country is remaining hot & dry. CONAB, the Brazilian equivalent to USDA, published a small increase to soybean production of 166.3mmt & a slight decrease to corn production of 119.5mmt in their latest report. This drops Brazilian stocks to use ratio down from 4.07% to 2.85% vs. 2.07% last year. China was a buyer of US soybeans with reported sales of 198kmt.
The row crop rally & another icy blast forecasted for the Plains is helping to support & strengthen US wheat prices, although export inspections are below the amount needed per week to reach the yearly USDA expectations.
Markets as of 11 AM
March KC up 4.5 @ 5.65 / Resistance @ 5.75 / Support @ 5.45
- New crop KC July25 @ 5.84
March Corn flat @ 4.76 / Resistance @ 4.80 / Support @ 4.50
- New crop Dec25 @ 4.56
March Beans down 1 @ 10.51 / Resistance @ 10.60 / Support @ 10.40
- New crop Nov25 @ 10.52
If you have any questions please reach out to your CEA Risk Management Advisor.
Kavan Killian RMA TX/OK Panhandle 8067537099
