Daily Ag Direction 9/10/2024
Good Afternoon!
Soybean prices have dropped by more than 20 cents per bushel at times today, with the November contract trading back below the $10 per bushel level today. Slight losses were also seen in the corn market, although December corn continues to hold above the $4 per bushel level.
Crop condition reports out Monday suggest that observers are still quite impressed with this year's crops, keeping ratings well above the long-term averages for early September. This raises concerns that USDA might raise its yield estimates in its September WASDE crop report on Thursday. This will be the first report of the year in which corn and soybean production estimates will include actual production in addition to farmer surveys and satellite data. The estimates will go a long way in communicating whether this year's big crops are still getting bigger, or whether the market has sufficiently priced in the size of the crops.
Dec’24 KC Wheat +9.5 @ $5.8525
July ’25 KC Wheat +9 @ $6.0875
Dec Corn -2.75 @ $4.045
Nov Beans -20 @ $9.98
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!