Daily Ag Direction 11/01/24
Grains looking positive going into Friday's session with Oils leading the way. Bean and palm oil have been on a multi-day surge to close out the week with demand being the hallmark of the veg oil complex move, while crude seeing similar upward momentum but for different reasons: Middle East risk premium re-entering the conversation. Whereas beans have pivoted hard against early week lows, corn and wheat have been choppier with corn consolidating in a narrow 5.5c trading range for the week and wheat looking similar, despite having wider (>10c) daily trading ranges. Short covering going into the weekend and spillover strength from the bean complex has corn and wheat in the green on this morning's open.
Dec KC wheat is +2.5 at 5.72
Dec Chi wheat is +4 at 5.74
Dec corn is +4.5 at 4.15
Jan beans are +10 at 10.04
Nov Feeders are +.125 at 245.50
If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day!