Daily Ag Direction 9/27/24
Grains are mixed heading into Friday's day session, with corn and beans trying to sustain the week's positive tone while wheat trading lower with light volume ahead of Monday's USDA Stocks and Small Grains Final report. Russian FOB values for wheat still crowding US out of export opportunities and our export sales numbers reflect that. Weatherwise, Russian wheat areas remain hot and dry and US areas seeing limited rains while EU is on the wet side going into planting, but it is too early for those concerns to put a risk premium in the market for now. Corn had a soft close yesterday after a resilient close on Wednesday. While 10 day weather forecasts look conducive to harvest progress, a positive close today at or above $4.15 should help sustain optimism for a test of further upside next week. Beans saw the biggest uplift this week from short covering, with a 50 cent move driven largely by concerns about dryness in South America and further aided by stimulus buying by the Chinese. Ultimately, look for weather forecasts to set the tone going into next week and beyond.
Dec KC wheat is -7 at 5.72
Dec Chi wheat is -7.5 at 5.76
Dec corn is +2 at 4.15
Nov beans are +6 at 10.47
Oct feeders at +0.975 at 247.90
If you have any questions, please reach out to your CEA Risk Management Advisor and have a great day!