Daily Ag Direction 9/13/24
Green on the screen to start the post-USDA report Friday the 13th trade. The September WASDE report lived up to its billing as being uneventful. Upon the release of the report, corn futures took a quick dip as yield estimates increased by half a bushel to 183.6, but as the trade digested the increase in demand, both from ethanol and exports, corn retraced and that reversal put a bid under it through the overnight. Wheat saw no changes to the US balance sheets in the report and is trading double digits to the upside following the open this morning on short covering / Black Sea headline risk. USDA held bean yields steady in the report which would be construed as bearish given the higher temps over the last month, but good export numbers and YTD new crop bean meal sales at a record pace have beans trading positive so far today as well.
Dec KC wheat is +15 at 6.01
Dec Chi wheat is +18 at 5.97
Dec corn is +6 at 4.12
Nov beans are +3 at 10.13
Nearby Sep and Oct Feeder cattle futures trading 1.20 higher this morning with Sep at 243.325
If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day!