Daily Ag Direction 1/24/25
Grains down across the board this morning on a bearish one-two punch from South America. Weather models made a favorable shift towards moisture flow to both Argy and Southern Brazil while Northern Brazil gets a needed break from moisture to spur harvest progress. Argentina also announced lowering of export taxes on grains and oilseeds which will push more bushels into the world market. Wheat mainly being drug by corn and bean trade at this point but not getting any help from export sales numbers, which failed to reach trade estimate range yet again. Despite March corn hitting new contract highs yesterday and posting top-end export numbers this morning, corn is still faltering on Argentina's news. Beans shared the good export narrative with corn but are seeing a similar break in prices as charts, specifically slow stochastics, indicate a sell signal and producers are responding.
March corn is -4 at 4.85
Dec corn is -2.5 at 4.61
March beans are -7.5 at 10.58
Nov beans are -7 at 10.46
March KC wheat is -11.5 at 5.59
July KC wheat is -11 at 5.78
March Chi wheat is -8 at 5.46
July Chi wheat is -7 at 5.70
March Feeders are +1.05 at 275.125
Feb Live cattle are +1.225 at 201.950
If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day!
Matt Hartwell (316) 617-0690
