Daily Ag Direction 9/24/24
Yesterday’s session was a strong start for the week. Soybeans were the leader of the complex due to dry patterns across Brazil & a developing tropical system expected to be name Hurricane Helene that will make landfall along the Florida coast later this week which will could slow harvest progress. Soybeans added to yesterdays gains in the overnight with an additional 3.5 cents.
Corn had it’s largest single session rally in more than 4 months bounding up to 4.14, but still did not manage to break out of resistance area @ ~4.15. Funds added 25k contracts yesterday, but are still net short position. US corn harvest measuring 14% complete vs 11% 5yr avg.
Wheat also took a ride on the soybean rally with both Chicago & KC wheat testing their 10 day moving averages. Exports reported higher than expected at 26.1 mbu. Russian wheat is speculated to be behind normal pace & Ukrainian Ag Ministry reports that 2025 planting will decrease 210k hectors.
Dec KC Wheat down 5.25 overnight @ 5.82. Resistance @~6.00 / Support @ 5.65
Dec Corn up 3.25 overnight @ 4.1650. Resistance @ ~4.20 / Support @ ~4.00
Nov Beans up 13 in the overnight @ 10.53. Resistance @~10.45 / Support @ 10.05
If you have any questions, please reach out to your CEA Risk Management Advisor. Have a good day!