Daily Ag Direction 11/21/2024

Good Morning!

Wheat markets saw a muted trade overnight and into the morning before reports that Russia hit the Ukraine with an ICBM carrying a conventional warhead brought a bid back under the market. This risk on won’t necessarily run the market up to the highs, but should keep folks from selling it until things settle back down. 

The corn market reached yesterday’s highs overnight but have fallen back below the $4.30 level. Producer selling continues to occur into these current prices.

Soybeans are down this morning as Brazil and Argentine weather are both looking good for producers to at least produce an average crop. Biggest issue we are seeing now for the trade are the deals between China and Brazil.

Dec’24 KC Wheat is -2 @ $5.5975

July ’25 KC Wheat is -1.75 @ $5.8625

Dec’24 Corn is -1.75 @ $4.285

Dec’25 Corn is  -1.5 @ $4.395

Jan’25 Soybeans -6 @ $9.845

Nov’25 Soybeans -7.5 @ $10.0775

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

Mike Hellman

580-532-5126

Posted on Nov 21 at 09:45