Daily Ag Direction 9/3/24
Good Morning!
Big news today is reports that China’s commerce ministry is responding to Canada’s EV tariffs with antidumping investigations into Canadian imports of canola. They claim that imports were up 170% despite falling prices. This, understandably, is bearish news for canola prices. Other markets are feeling positive with wheat, corn and soybeans all higher. After early weakness in wheat, mainly based on bearish fundamentals. Thailand purchased 120k mt of feed wheat, Jordan issued a new tender for 120k mt of milling wheat. Ukraine is limiting wheat exports and we expect to see new Japanese tenders later this week. In corn, light fund buying covering 8k contracts as net short covering is around 250k contracts. Bean markets anxiously await the yield report on Sept. 12th with some expecting that we may have traded max yield expectations. We could see some short covering drive prices higher as we approach that date.
Dec KC Wheat +11.4 @ $5.77
July 25 KC Wheat +12.0 @ $6.00
Dec Corn +8.4 @ $4.10
Dec 25 Corn +6.0 @ $4.45
Nov Beans +22.0 @ $10.22
Nov 25 Beans +17.2 @ $10.65
Sept Feeders +2.225 @ $239.975
Dec Live +1.700 @ $179.250
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!