Daily Ag Direction 7/29/24
Good Morning!
Wheat is having a bright day despite weakness in corn and soybeans. After setting a new contract low overnight KC wheat is up 9 cents and Chicago is up 7 cents. Taiwan is tendering for 105k mt of US milling wheat and Jordan is looking for 120k mt of milling wheat but has not made any purchases. US SRW is now cheaper than Russia on FOB values and US HRW is finding buyers. Corn and Soy market sees favorable weather ahead so a complete risk off attitude starts the week. Bean oil falls due to Federal courts reverting EPA blanket denials for refiner exceptions. Crush is allowing good demand for US beans. The bears continue to add to the short position in corn and soybeans. Continue to expect that this short position will get unraveled at some point but it is unclear when.
Sept ’24 KC Wheat +8.0 @ $5.54
July ’25 KC Wheat +8.0 @ $5.92
Sept Corn -2.5 @ $3.92
Dec Corn -2.0 @ $4.08
Aug Beans -29 @ $10.49
Nov Beans -18.0 @ $10.30
Sept Feeders -2.900 @ $256.700
Oct. Live -1.450 @ $187.100
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!