Daily Ag Direction 8/21/2024
Good Morning!
Wheat markets saw another overnight of low volume and choppy trade with selling showing back up again this morning. Its still worth keeping an eye on the Canadian railroad strike. It doesn't appear that much progress has been made, so the strike is scheduled to start tomorrow.
The corn market contines to settle around the 20 day moving average with crop estimates remaining positive and producers unwilling to budge on new crop. The hot and dry weather forecasted for the 10 day should have little effect on yield. We appear to be headed for a fall with abundant corn, but it still feels like the struggle will be to get the bushels moving. The ProFarmer tour results from Day 2 had estimates showing Indiana and Nebraska well above both last year and the 3 year average. Today's stops in Iowa and Illinois should show even better potential.
THe ProFarmer tour confirmed that soybean pod counts are excellent for Indiana and above average for Nebraska. The variance vs last year suggests that Indiana soybean yields will be higher than the USDA number but the market will wait unitl the September 12th report to confirm.
Sept ’24 KC Wheat -3.25 @ $5.4275
July ’25 KC Wheat -2.5 @ $5.825
Sept Corn +2 @ $3.77
Dec Corn +1.5 @ $3.995
Sept Beans +7.5 @ $9.64
Nov Beans +7 @ $9.83
Sept Feeders +.225 @234.725
Oct. Live -.525 @ $175.075
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!