Daily Ag Direction 11/6/2024
Good Morning!
All of the commodities are down this morning following a spike in the USD and crude moving lower. The US election results seem to be driving the markets with the potential of Trump imposing new tariffs and with Republican control of the House and Senate, we could see a major shift in foreign trade policy.
Snow and rain seen in Eastern Colorado overnight and good potential for rains across most of the Southern Plains over the past 7 days with more good rains forecasted in the 7-10 day. Moderate temps will continue to allow the newly planted wheat to get established. Russian maps turn off dryer and showers seen for Australia and Argentina.
Dec’24 KC Wheat is -6.25 @ $5.705
July ’25 KC Wheat is -6.5 @ $6.0025
Dec’24 Corn is down a ¼ of a penny @ $4.1825
Dec’25 Corn is -2.5 @ $4.3975
Nov’24 Soybeans -13.25 @ $9.805
Jan’25 Soybeans -10.75 @ $9.91
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126