Daily Ag Direction 10/02/2024
Good Morning!
Wheat markets are seeing more buying this morning following a quiet overnight session. Wire reports that Russian Grain Exporters Union calling for a limit on grain exports due to the excessive pace seen in the first quarter. Also hearing reports of a new series of Russian drone attacks in the Odessa port areas but the market seems to be growing numb to those reports. Russian weather bureau released a statement that dry conditions have seen issues starting to develop in the main Russian winter wheat areas.
The corn market has continued to push higher on growing geopolitical tensions. December corn has now hit levels not seen since late June. Brazil’s summer corn plantings are now 32% planted with forecasts continuing rain for portions of Rio Grande do Suk, but hot and dry weather for the bulk of the other areas.
Soybeans are seeing some corrective action this morning on the meal reversal lower paired with the EU policy to forbid deforestation bean supplies postponed another year. Brazil’s largest bean planting area sees farmers waiting on moisture in the coming weeks to get the planters rolling.
Dec’24 KC Wheat +20.25 @ $6.185
July ’25 KC Wheat +19.25 @ $6.49
Dec Corn is +4.5 @ $4.335
Nov Beans -6.75 @ $10.505
Please reach out to your CEA Risk Management Advisor if you have any questions. Have a great day!