Daily Ag Direction 8/16/2024
Good Friday Morning!
Equity markets in Asia and Europe were higher overnight. After Monday's bearish report, it looks like we are going to end the week down with spec funds running all the grain markets lower.
Wheat markets are down with new contract lows seen in KC overnight. Russian FOB values are down for the week but still above recent lows. Demand remains low and that is the story the markets are trading for now. It will be interesting to see if we get some short covering going into the weekend with the Black Sea conflict getting more headline talk.
The corn market is down follow the overall selling pressure seen in grains this morning. The bullish reversal seen after the USDA report Monday seem to be negated here as selling pressure has pushed values to within 2 cents of the contract lows seen Monday.
The bean and oil markets are back down to making new lows. The next price opportunity for soybeans would be a story of a problem in South America.
Sept ’24 KC Wheat -1.75 @ $5.3525
July ’25 KC Wheat -1.5 @ $5.765
Sept Corn -6.5 @ $3.685
Dec Corn -6.5 @ $3.905
Sept Beans -10.75 @ $9.4075
Nov Beans -9.25 @ $9.5925
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!