Daily Ag Direction 9.17.24
Slightly green across the screen to start the trading session this morning due in part to USDA transportation report implies export demand on the horizon & Fed Rate decision later this week. Rain expected throught the central plains and western corn belt this week and dry weather on the forecast for eastern corn belt & the mid-south. Funds covering shorts in corn market adding 41k contracts over the last week, but the current number is higher after the move post-Wasde report. Drought continuing & strengthening in Russia / Eastern Ukraine as planting season is underway.
Dec KC Wheat +3 @ 5.8325. Resistance @ ~6.05 / Support @ ~5.85
Dec Corn +.50 @ 4.1125. Resistance @ ~4.13 / Support @ ~4.05
Nov Beans +2.75 @ 10.0825. Resistance @ 10.10 / Support @ ~9.95
If you have any questions, please reach out to your CEA Risk Management Advisor. Have a good day!