Daily Ag Direction 9/4/2024
Good Morning!
The wheat market traded firmer overnight with values continuing the nice reversal seen yesterday. Prices are now within 10 cents of the early August highs. Spring wheat harvest now 70% complete up 19% from last week.
Corn harvest has fired off across the southern corn belt as the crop continues to dry out. Slight Brazil drought scare has pushed soybeans higher, with corn following. Brazil weather is a key factor as they begin planting the first corn and soybean crops, which could give the producer a selling opportunity. In addition to the Brazil drought, funds covered an estimated net buy of +50,000 contracts to arrive at this 23cent rally.
Dec’24 KC Wheat +5.25 @ $5.815
July ’25 KC Wheat +5 @ $6.055
Dec Corn +.75 @ $4.10
Nov Beans +2.25 @ $10.1425
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!