Daily Ag Direction 6/20/24
Good Thursday Morning!
IKAR made a decison to slightly elevate the domestic 2024 production from the previous 81.5 to 82 mmt. Crop tours in Russia should bring more to light, but the crop seems to have been elevated due to better weather. Rumor is that minimum price for exports is now off the table too.
The corn market gave back much of the gains ahead of the midweek holiday as weather forecasts look great for crop growth across the corn belt. More rain and moderate temps are forecasted through the weekend. Producers seem to just be waiting and watching for another weather rally to take advantage of.
July ’24 KC Wheat -9.5 @ $5.9125
July ’25 KC Wheat -4.75 @ $6.38
July Corn -3.5 @ $4.465
Dec Corn -5.25 @ $4.625
July Beans -4.75 @ $11.6925
Nov Beans -11.25 @ $11.2075
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!