Daily Ag Direction 1/15/25
The multiday rally ran out of fuel during yesterday's session, as farmer selling offset the funds' added length in their corn position. The overnight trade saw a bid show up under corn and beans, however, and they pulled wheat into positive territory early in today's trade. Corn is floating in technically overbought territory, but fund movement has provided the bouyancy up to this point. When fundamentals take the lead again, focus will shift to Brazilian bean harvest and how that impacts the timeliness of planting the Safrina corn crop. Beans will look to NOPA crush data out later this morning to gauge demand and continue to weigh Argentina's tempered yield expectations vs Brazil's robust outlook. Wheat faltered against its 50 day moving average and was lower though the overnight but is trying to keep pace with row crops. Noteworthy is the spread of old crop vs new returning to the row crop trade today.
March corn is +3.5 at 4.78
Dec corn is flat at 4.56
March beans are -0.5 at 10.46
Nov beans are -4 at 10.45
March KC wheat is -0.5 at 5.60
July KC wheat is -0.5 at 5.79
March Chi wheat is +3 at 5.49
July Chi wheat is +2 at 5.70
March feeders are -.325 at 267.875
Feb Live Cattle are +.250 at 198.400
If you have any questions, please reach out to your CEA Risk Managment Advisor and have a great day!
Matt Hartwell
(316) 617-0690
