Daily Ag Direction 2/7/25
Lower across the board in the grains following the open this morning. KC wheat experiened a short covering surge yesterday on Black Sea weather risk (hard cold snap forecast on already moisture stressed wheat acres) and follow through buying continued into the overnight but faded this morning as corn and beans have come under pressure. Corn is trading lower today but on the week has posted a resilient recovery after last week's bearish chart action. Strong export sales and declining Argentine crop ratings underpin the bullish sentiment on corn front. Beans remain rangebound as South American harvest looms large. The February WASDE report will be out next Tuesday, which should be largely unchanged and uneventful compared to January's report, but still is something to keep an eye on.
March corn is -8 at 4.87
Dec corn is -4.5 at 4.65
March beans are -11 at 10.49
Nov beans are -8 at 10.58
March KC wheat is -3 at 6.04
July KC wheat is -2 at 6.22
March Chi wheat is -3 at 5.84
July Chi wheat is -2 at 6.07
Feb Live cattle are +0.10 at 196.875
March Feeders are +.225 at 265.525
If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day!
Matt Hartwell (316) 617-0690
