Daily Ag Direction 11/15/24
Short covering going into the weekend looks like Friday's flavor so far. Wheat caught a bid overnight with Paris wheat trading higher and corrective action was warranted to bring wheat/corn spreads back in line with what fundamentals suggest at this stage of the game. Russian FOB values have stabilized in the $226/MT area and the market sits technically oversold. Beans called higher on the open and have followed through the overnight trade nicely, with a similar feel to wheat in terms of oversold territory after falling through its 20 day moving average yesterday. Both wheat and beans saw weekly export sales numbers within the range of trade guesses. Corn was looking softer coming out of the overnight but has got swept up in the short covering and is now trading in the green. Corn export sales just cleared the low end of estimate and ethanol production surged to an all time high of 1.13 million barrels per day this week, grinding 112.8 million bushels this week which is 8.7 Mbu ahead of the USDA estimate pace.
Dec corn is +2.5 at 4.21
Dec KC wheat is +8 at 5.41
July 25 KC wheat is +5.5 at 5.70
Dec Chi wheat is +9.5 at 5.40
July 25 Chi wheat is +7.5 at 5.72
Jan beans are +14 at 10.02
Nov feeders are +1.95 at 249.5
Please reach out to your CEA Risk Management Advisor with any questions and have a great day!
Matt Hartwell
(316) 617-0690