Daily Ag Direction 11/11/24

Good Morning!

Markets trying to digest what the results of the election mean for commodities. Stability in Ukraine would reduce uncertainty and remove some of the risk premium in wheat markets. Tariffs could reduce the flow of goods to other countries, in particular soybeans to Asian destinations. In the meantime it is more volatility and uncertainty. Good rains continue to be forecast for the US wheat growing regions with Oklahoma in the bullseye and Kansas and Texas benefiting as well. A lid on wheat will hold corn back as well as corn tries to increase their longs marginally. Brazil weather continues to look favorable but Argentina is turning dry  for the next 15 days. The WASDE report did not offer much unexpected news for wheat. The corn yield was lowered 0.7 bu./acre to 183.1 bu. and soybeans saw a 1.4 bu./acre reduction being friendly to soybeans.

Dec KC Wheat -7.0 @ $5.57

July 25 KC Wheat -6.4 @ $5.89

Dec Corn -1.6 @ $4.30

Dec 25 Corn -4.6 @ $4.44

Jan Beans -5.4 @ $10.11

Nov 25 Beans -11.4 @ $10.41

Jan Feeders -0.025 @ $241.400

Dec Live -0.100 @ $185.200

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

-Trent

Posted on Nov 11 at 11:33