Daily Ag Direction 7/19/24
Grains found bids through the overnight session, supported by friendly export numbers and the recurring theme of short covering going into the weekend. Exports sales numbers came in lower week on week for corn but still ahead ahead of USDA forecast pace and more than double vs last year. Beans and wheat also posted friendly export numbers, improving vs last week and beating USDA forecast pace. Cooler than normal temps and precip in the near term forecast are keeping the lid on any domestic weather concerns, however Black Sea weather is trying to stir up some risk premium with the consultants trimming yield expectations for corn crops in both Russia and Ukraine. Follow through buying continuing into the the opening of this morning's session with chicago wheat leading the charge early.
Sep KC wheat is 7.5 at 5.70
Sep Chi wheat is up 11.5 at 5.46
Sep corn is up 3 at 3.94
Dec corn is up 3.5 at 4.08
Aug beans are up 6.5 at 11.05
Nov beans are up 5 at 10.48
If you have any questions, please reach out to your Risk Management Advisor and have a great day!