Daily Ag Direction 10/30/2024
Good Morning!
Wheat markets saw some selling in the overnight and into the morning on the rainfall forecast for both the US and Russia but markets have moved back into the green as the day has went on. Rains start to develop today and go through the weekend for the US southern plains. Ukraine remains dry and the EU continues to dry out which will help planting in those areas.
Corn markets are mixed this morning with board prices holding just below the 20 day moving average. Producer selling has slowed with harvest reaching the last 10% in most states. Risk moving forward has the markets watching demand and South American planting.
Soybeans are up this morning with January over $9.90. Brazil planting has really picked up speed which is eliminating acres and yield risk. As always, soybeans need a big export program to China.
Dec’24 KC Wheat is up 4.5 @ $5.7875
July ’25 KC Wheat is up 3.5 @ $6.0975
Dec’24 Corn is down a ¼ of a penny @ $4.135
Dec’25 Corn is even @ $4.3975
Nov’24 Soybeans +11.5 @ $9.7675
Jan’25 Soybeans +11.25 @ $9.9025
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126