Daily Ag Direction 10/29/2024
Wheat market buying back yesterday’s losses this morning with a rally on poor US wheat crop ratings & slow planting progress released yesterday. Weather maps are showing relief for HRW country in the southern plains. Be on the lookout for July 25 wheat to hold above $6 key support area. If July HRW closes below $6 again today then it’s reasonable to expect wheat to find a lower trading range for the time being.
Soybeans flat this morning & painting a bleak picture with Nov beans within 15 cents of the August lows with large US crop, moisture in S. America, and spotty Chinese sales to blame.
Corn is steady this morning as export inspections were on the low end of trader guesses, but still within range. Rain across the plains may slow the last remnants of corn harvest, but it will matter little as harvest is well above normal pace.
Dec KC up 11 @ $5.72 / Wheat Resistance @ 6.00 / Support @ 5.60
Dec Corn up 2.5 @ $4.1325 / Resistance @ 4.20 / Support @ 4.00
Nov Bean flat @ $9.7350 / Resistance @ 10.20 / Support @ 9.70
If you have any questions, please reach out to your CEA Risk Management Advisor. Have a good day!
Kavan Killian