Daily Ag Direction 7/15/24
Good Morning!
Wheat markets under considerable pressure again this morning but well off the lows. The WASDE data on Friday was seen as bearish and Paris wheat gapped open lower bringing the entire wheat complex down. IKAR increased the Russian wheat crop estimate to 83.2 mmt from 82 mmt to continue the trend that reversed the bullish price action from earlier this year. Wheat has tested new contract lows across the complex so a close above previous support is crucial to establishing a floor here. Some late fireworks for corn on Friday as the WASDE report was a surprise with a decrease in beginning stocks and an increase in feed use. A new net record short in corn is set at -356,415 contracts is adding to the headwind to move prices higher from here. Beans under the same type of pressure as wheat and corn without any news to move higher. World stocks are plentiful to overshadow any positive domestic fundamentals. A red day to start the week and momentum won’t let up.
Sept ’24 KC Wheat -10.5 @ $5.57
July ’25 KC Wheat -11.5 @ $6.00
Sept Corn -8.5 @ $3.93
Dec Corn -7.5 @ $4.07
Aug Beans -23.5 @ $10.82
Nov Beans -21.5 @ $10.44
Sept Feeders +0.825 @ $258.925
Oct. Live -0.025 @ $184.050
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!