Daily Ag Direction 7/25/2024
Good Thursday Morning!
Wheat saw more selling overnight and into the morning with no new demand seen in the market. Day two of the Wheat Quality Councils spring wheat tour of North Dakota hit the northwest and central areas with the scouts putting the yield at 53.7/bu vs the 45.7/bu last year and the 5 year average of around 40/bu. The tour will move into Minnesota today and issue their final report this afternoon.
Forecasts keep getting hotter and drier on the western parts of the corn belt which could take off the top end potential of places like Kansas and Nebraska. But, overall, its still a good crop accross the country.
Sep KC wheat is -9.5 @ $5.58
July 25 KC wheat is -1.5 @ $6.015
Sep corn is +2.5 @ $4.0625
Dec corn is +2.5 @ $4.205
Nov beans are +3.75 @ $10.6775
If you have any questions please reach out to your Risk Management Advisor and have a great day!