Daily Ag Direction 2/11/25
Corn market firmed up the weaker tone from Friday/Sunday into todays open while the funds are resting net long ahead of the Feb WASDE report. While not typically a market maker, this Feb WASDE has potential to introduce some volitility with the way funds are set up net long corn & short wheat. The Mato Grosso state of Brazil corn plantings jumped this week from 6.3% to 23.5%.
Soybeans are quiet with a low volume trade yesterday while the market is looking at slow harvest progress in Brazil mixed against improved weather results & forecasts for Argentina. China’s tariffs on US exports are going into effect today. As of now they are against energy & automobiles and leaving soybeans out of harms way.
Wheat remains focused on weekly exports meeting goals. In order to hit the USDA export marks, an average of 18-20 mmt of wheat need to be leaving the country each week. This week we had 19.7 mmt, but last week was only half of that. India’s prime minister is scheduled to visit the White House this week and the trade is watching for a hint of news that India could import US wheat driving more exports out, but tariffs stand in the way.
Markets as of 8:45 AM
|
Contract |
Symbol |
Movement this session |
Price |
~Resistance |
~Support |
|
March 25 KC Wheat |
KEH25 |
Up 3 |
6.00 |
5.99 |
5.88 |
|
July 25 KC Wheat |
KEN25 |
Up 3 |
6.20 |
6.20 |
5.95 |
|
March 25 Corn |
ZCH25 |
Up 2.5 |
4.94 |
4.99 |
4.85 |
|
December 25 Corn |
ZCZ25 |
Up 2 |
4.71 |
4.70 |
4.60 |
|
March 25 Beans |
ZSH25 |
Up 2 |
10.51 |
10.65 |
10.50 |
|
November 25 Beans |
ZSX25 |
Up 2.5 |
10.60 |
10.70 |
10.58 |
Have a great day!
Kavan Killian
CEA – RMA TX/OK Panhandle
