Daily Ag Direction 2/6/25
2/6/25
Corn market is taking a breather today after trading near the recent highs with the funds still long & in control. Reuters reports that China has delayed imports of 600k metric tons of Australian & Canadian wheat looking to offload to other buyers in the south Pacific amid falling domestic cash price. Argentina received rain overnight & expecting more next week, but hot weather will continue to place pressure on top end of the yield.
As S. American beans are coming off and corn is going in, US bean exports are expected to lose steam in preference to Brazil. The timing of this is working against the bean rally making moves above the 200 day moving averages.
US Wheat areas being watched closely as rain over SRW regions & possible snow/cold temps in HRW country. Wheat export numbers were good @ 439k mt vs estimates between 200 and 550k mt.
Markets as of 10 AM
|
Contract |
Symbol |
Movement this session |
Price |
~Resistance |
~Support |
|
March 25 KC Wheat |
KEH25 |
Up 5 |
5.97 |
5.99 |
5.88 |
|
July 25 KC Wheat |
KEN25 |
Up 4 |
6.14 |
6.20 |
5.95 |
|
March 25 Corn |
ZCH25 |
Down 5 |
4.88 |
4.99 |
4.85 |
|
December 25 Corn |
ZCZ25 |
Down 3 |
4.65 |
4.70 |
4.60 |
|
March 25 Beans |
ZSH25 |
Down 5 |
10.51 |
10.65 |
10.50 |
|
November 25 Beans |
ZSX25 |
Down 4 |
10.58 |
10.70 |
10.58 |
Have a great day!
Kavan Killian
CEA – RMA TX/OK Panhandle
