Daily Ag Direction 1/28/25
Corn export inspections were shown at 49m bu, close to the top end of expectations. Loadings are ahead of USDA expected pace for the year so far. Argentina’s late crop corn is expected to receive some rain over the next two weeks, however, the market is keeping an interest in how that crop will end up as it has still been uncommonly dry & hot throughout it’s growth cycle.
Wheat market mostly quiet in the news with the only real story being a short covering rally. US exports were better than expected, but that is due to PNW loadings of Hard Red Spring & Winter Wheat.
Soybeans are now starting their seasonal demand decline as the S. American crop starts to come off & make it’s way to export terminals in Brazil. Bean harvest in Brazil is reported to be behind it’s usual pace by about 7%. A late soybean harvest in Brazil is also trending towards later corn plantings in the country. This could affect their corn production down the line, but there is still time to be had. Argentina’s reduced tax rates on exports went into effect yesterday making them more competive vs. US farmers.
Markets as of 10:30 AM
March KC up 7 @ 5.60 / Resistance @ 5.75 / Support @ 5.45
- New crop KC July25 @ 5.79
March Corn up 5 @ 4.87 / Resistance @ 4.85 / Support @ 4.75
- New crop Dec25 @ 4.61
March Beans flat @ 10.44 / Resistance @ 10.60 / Support @ 10.20
- New crop Nov25 @ 10.48
If you are interested in enrolling bushels into a JSA Select contract for milo, soybeans, or corn please contact your CEA Risk Management Advisor. Deadlines for entrance to the program is February 1st.
Have a great day
Kavan Killian 806.753.7099
Risk Management Advisor TX/OK Panhandle
