Daily Ag Direction 6/5/24
Good Morning!
Wheat saw mixed trade overnight with some selling on very light volume. Sovecon lowered its Russian wheat production to 80.7mmt but that is pretty close to where the trade estimates have been. Russian weather forecasts still show hot/dry for the next week which can impact yield potential. Moisture looks to subside for a bit in the Southern Plains in the coming days which will help wheat harvest get rolling along. Harvest should reach the Kansas border by this weekend.
The corn market was silent overnight as selling pressure eased following five consecutive sessions of lower close. The rally in wheat has been the main support for corn and with the market lacking any bullish support, look for recoveries to be small until we get a weather issue. Safrinha corn harvest is now 3.7% complete with progress running ahead of averages. Yields in Mato Grasso have been good running 2% above last year.
July ’24 KC Wheat -1 @ $6.8625
July ’25 KC Wheat +2 @ $7.2925
July Corn -.5 @ $4.42
Dec Corn +.75 @ $4.6275
July Beans +6.5 @ $11.855
Nov Beans +4.5 @ $11.605
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!