Daily Ag Direction 7/17/2024
Good Morning!
Wheat markets are trying to stablilize after the recent fall with values holding so far today with support coming from a weaker dollar. The recent drop in price has brought some interest in tenders which hopefully will slow the decline. Wheat harvest in the U.S. is now two thirds finished and the markets have a feel for the type of crop we have to trade.
At the Republican National Convention last night President Trump said that he would impose tariffs of 60-100% on Chinese goods which could trigger a trade war that wouldn't be good for U.S. agriculture. Last year wasn't a great export year to China but the three years prior were huge export years.
Markets have little risk to trade to end July with weather projections friendly in the 8-14 day forecasts.
Sept ’24 KC Wheat +9.75 @ $5.60
July ’25 KC Wheat +7.25 @ $5.975
Sept Corn +3.25 @ $3.99
Dec Corn +3.75 @ $4.1225
Aug Beans +8.75 @ $10.9925
Nov Beans +2.5 @ $10.4575
Sept Feeders -.925 @ $257.70
Oct. Live -.0825 @ $183.70
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!