Daily Ag Direction 9/18/2024
Good Morning!
The wheat market continued to follow corn and beans in the overnight session. Dryness continues to remain a concern across the US, Russia, Argentina and portions of Australia but this risk won’t be realized for several months. Looks like producers will just have to dust in both HRW and SRW. It will be interesting to see if the seasonal rally has played out or if it’s just getting started as we watch forecasts.
Managed money continues to get caught with profit stop loss buying which is seen as a primary driver behind the recent strength in the corn market. December corn is holding above the key moving averages which should offer support around $4.
Soybean prices finding limited movement yesterday with US harvest coming on and South American planting remaining unchanged with a hot dry forecast through the end of the month.
Dec’24 KC Wheat +3.75 @ $5.8375
July ’25 KC Wheat +3 @ $6.08
Dec Corn is +1 @ $4.135
Nov Beans +12 @ $10.18
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!