Daily Ag Direction 11/20/2024
Good Morning!
Wheat markets are mixed this morning with reports of Putin wanting to talk to Trump about a possible ceasefire in the Ukraine. There has been a lot of noise about Russia using nukes but its hard to see Russia taking that route due to the proximity of the conflict. Rostago CEO said that Russian wheat producers are breaking even or losing money this year and will shift to other crops instead of wheat. If this happens it could impact the Russian balance sheets and if there is an issue with Russian wheat production, we could see some volatility added to the market.
Corn is also mixed this morning on the Russia ceasefire news. Farmers were sellers yesterday as prices reached near the top of the recent trading range. It looks like activity may start to slow as we head into the final month and a half of the trading year.
Soybeans are down this morning with a lack of any supportive news to the market. The trade embargo/tariff outcomes remain largely priced into the market for what we know today. It will be interesting to see how the second term of Trump’s presidency unfolds.
Dec’24 KC Wheat is +3.25 @ $5.615
July ’25 KC Wheat is +3/4 of a cent @ $5.8625
Dec’24 Corn is even at $4.2725
Dec’25 Corn is -3/4 of a cent @ $4.3875
Jan’25 Soybeans -8.25 @ $9.90
Nov’25 Soybeans –8.75@ $10.1225
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!
Mike Hellman
580-532-5126