Daily Ag Direction 5/8/24

Good Morning!

Wheat markets pulling back this morning. It will be interesting to see if the pattern continues of weakness in the overnight followed by buying in the day session.  Russian weather is still the focal point for the wheat market. Better rains are now in the forecast but they are seeing some damage from the recent freeze and more cold spells are on the way. Oklahoma Grain and Feed official crop estimate yesterday came out at 89mmt. But a poll of those in the room placed the crop size closer to 100mb.

The corn market was quiet overnight as values pause near the 3 month highs. With the push higher, producers have been active sellers but will probably slow down some until we see new crop values closer to $5. Planting progress in the midwest looks to slow this week with rain in the forecasts. The areas that are planted will start to see good growth as temperatures warm up.

Soybean futures have rallied just over $1 on the Brazil flood impact on harvest with experts showing 6-7mmt at risk.

May be an image of text that says 'Region 2024 Wheat Crop Tour Estimates Harvested Acres Panhandle North Central Yield (Bu/A) (Bu 21.25 West Total Production (million Bu) North Central- East West Central 28.90 Central 317,900 417,039 564,000 195,200 375,700 45,000 34.08 6.755 12.053 19.223 Northeast Southwest 7.212 South Central 14.066 36.95 37.44 56.00 37.43 37.00 Southeast 2.520 539,231 189,100 4,400 Total 20.181 6.994 35.68 2,647,570 0.157 33.68 89.161'

 

July 24 KC Wheat -10.75 @ $6.5325

July 25 KC Wheat -10.5 @ $7.0175

 

July Corn -4.25 @ $4.6275

Dec Corn -3.5 @ $4.85

 

July Beans -7 @ $12.395

Nov Beans -6.25 @ $12.2175

 

Aug Feeders -.375 @ $254.05

June Live 0 @ $177.625

 

Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!

 

 

Posted on May 08 at 09:30