Daily Ag Direction 9/9/24
Good Morning!
Lower Canadian stocks numbers and lower Russian production and export numbers set the tone for the early session. IKAR lowered the Russian wheat production number to 82.2 mmt from 83.8 mmt due to excess rains. The COT report showed fund short covering in corn of 60k contracts with the net short position now at -187k contracts. This is down half from the largest short position and accounts for much of the recent strength. Soybeans seeing strength on some short covering and weather concerns in South America. Funds now at -147k contracts as trade grapples with US and South American production information.
Dec KC Wheat +0.0 @ $5.78
July 25 KC Wheat +0.5 @ $6.02
Dec Corn +0.2 @ $4.07
Dec 25 Corn +0.6 @ $4.46
Nov Beans +13.2 @ $10.18
Nov 25 Beans +10.4 @ $10.61
Sept Feeders +3.450 @ $234.400
Dec Live +1.625 @ $176.325
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!