Daily Ag Direction 2/5/25
Good Morning!
The corn market is down this morning after trading higher overnight with new highs made for the recent move. The market seems bullish after the positive news on recent tariffs. Funds have been large buyers the last two sessions with an estimate of 41k over this time pushing the long near 400k.
Soybeans are down today as the President’s staff is set to engage in tariff discussions with China today. In 2020, China agreed to increase imports of US goods by 200 billion including beans. China didn’t follow through, but most expect them to be willing to talk again.
The wheat market is slightly up today as we saw light volume in the overnight. The features remain fund short covering and Russian/EU FOB offers starting to firm with less supplies available. Weather maps now show a better chance of moisture in the 8-14 day maps for the US Southern Plains which would be beneficial for this wheat crop.
March KC Wheat is +1.75 @ $5.965
July KC Wheat is +1.25 @ $6.145
March Corn is -3.25 @ $4.9125
Dec Corn is -1.5 @ $4.665
March Soybeans -16.5 @ $10.585
Nov Soybeans -11.75 @ $10.6175
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126
