Daily Ag Direction 7/26/24
Good Morning!
The Wheat Quality Council estimates North Dakota HRS wheat yields at 54.5 bu./acre. Further slides in European wheat estimates down to 120.8 mmt vs. 121.9 mmt. Ukrainian Ag Ministry reporting exports of grain up from 1.9 mmt. last year to 3.0 mmt. for the period July 1-26. Domestically, heat building in across the U.S. but the bears are still in full control of the grain market. Disappointing old crop corn and bean export sales add to the fact that Chinese purchases are down sharply. Black Sea region corn production continues to get slashed on bad weather but the market is slow to react to any bullish news. The shorts in this market are completely comfortable in the face of many bullish fundamental signals and it is a question of when that confidence may break. However, it does not have to. In the near-term it doesn’t seem like any rockets are getting fueled. If things do break over have a clear plan of what your marketing goals are so you can manage sales.
Sept ’24 KC Wheat -8.5 @ $5.53
July ’25 KC Wheat -7.5 @ $5.90
Sept Corn -7.5 @ $3.99
Dec Corn -7.0 @ $4.13
Aug Beans -16 @ $11.01
Nov Beans -18.5 @ $10.61
Sept Feeders +0.275 @ $258.225
Oct. Live -0.275 @ $188.325
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!